August 2 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) is providing a 10.8 million euro ($11.05 million) loan to Stax Technologies, a manufacturer of paper tissue packaging machines in Serbia, the bank said on Tuesday.
Stax Technologies will use the funds to expand its production facilities, purchase new equipment and implement energy efficiency improvements, such as a new 300KW rooftop solar power system for the new production plant, the EBRD said in a press release. The investment will allow the company to increase its production capacity in Serbia by over 70% while improving energy efficiency and productivity.
Matteo Colangeli, EBRD Regional Director for the Western Balkans and Head of Serbia, said that the support to Stax Technologies “will contribute to greater competitiveness and access to global markets.”
The EBRD will also help the company expand the Stax Academy, its training centre.
Stax Technologies in Serbia is partly owned by the Barry-Wehmiller Group, a worldwide leading supplier of production technologies for packaging, corrugated cardboard, foil and paper processing, the EBRD said.
(1 euro = $1.02353)