Austrian company modernizes paper plant in Syria

Published June 26th, 2001 - 02:00 GMT

A Syrian paper-manufacturing company recently signed a renewable seven-year contract with the Austrian Fimpex Company, following extensive negotiations between the two, according to Al-Baath daily.  


Under the agreement, the Syrian plant will be restructured and modernized by Fimpex, which will provide and install new technology and machinery, as well as raw materials.  


Market sources estimate the value of the Austrian firm’s stake in the Syrian company at 300-400 million Syrian pounds ($8.7-$11.6 million). Following the deal, the plant is to enhance its paper production capacity to 60,000 tons yearly, and expects SP 125 million in annual profits. The remainder of the profits will be obtained by Fimpex. ― (MENA Report)

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