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The Greek flexible packaging manufacturer FLEXOPACK S.A announces that its subsidiary company Flexopack USA INC, which is wholly controlled by the Cypriot subsidiary FLEXOPACK INTERNATIONAL LIMITED"(100% controlled by the Company) , has signed a preliminary agreement to purchase a land plot having a surface of 80.000 square meters in Lebanon County, State of Pennsylvania, United States, for the purpose of designing, planning and subsequently developing and constructing a production/industrial facility within it.
This new planned production investment of Flexopack Group aims to strengthen the Group's already significant presence in the United States market, by utilizing the experience and knowhow acquired over the years, as it is estimated that through this investment, a more direct, faster and more efficient distribution, service and supply of the market will be achieved on a
nationwide (US) level.
The planned investment has an initial implementation timeframe of at least 4 years and an estimated value of USD 33 million. The investment will be financed both by the Group's own funds and by bank loans.
Flexopack USA INC , has already received approval from the Commonwealth of Pennsylvania for a grant of five hundred thousand dollars (USD 500.000) dollars, and intends to apply for the Manufacturing Tax Credit program for the creation of new full-time jobs and the Pennsylvania Rail Freight Assistance program, which provides financial assistance for investments in rail facilities of the Pennsylvania Department of Transportation.
