Flexopack is making a new investment of 33 million euros, with the aim of further penetrating the US.
More specifically, ‘Flexopack USA INC’, which is controlled by the Cypriot subsidiary ‘Flexopack International Limited’ proceeded with the signing of a preliminary contract for the purchase of land area of 80,000 square meters in Lebanon County, Pennsylvania, United States, for the purpose of designing, planning and subsequently developing and constructing production/industrial facilities.
As the company emphasized, this new planned production investment of the Flexopack Group aims to strengthen the Group’s already significant presence in the United States market, by making use of the experience and know-how it has acquired over time, aiming to achieve on a nationwide (US) level the most direct, fastest and most efficient handling, service and supply of the market.
The planned investment has an initial implementation time horizon of at least 4 years. The investment will be financed both with the group’s own funds and with bank loans. Flexopack USA INC has already received approval from the Commonwealth of Pennsylvania to provide a 500,000 dollar subsidy.
At the same time, it intends to submit an application for inclusion in the tax relief program in the context of the creation of new full-time jobs (Manufacturing Tax Credit), but also in the Pennsylvania Rail Freight Assistance program, which concerns the receipt of financial support for the implementation of investments in railway facilities of the ministry Pennsylvania Transportation.
Flexopack is active in the production of flexible plastic packaging materials which are widely used in many sectors, the main one being the food packaging industry.
It has developed a high level of expertise in the production of multilayer packaging films.
As the company’s management had stressed during the publication of its financial results, the group’s strategy includes further penetration of foreign markets by maintaining the partnerships that the company has already developed and further expanding them in order to exploit the group’s expertise in as wide a geographical area as possible.
It also includes the improvement and continuous upgrading of its products, with emphasis on their qualitative differentiation in relation to the competition, the creation of new, innovative products capable of meeting the most demanding needs of the market and responding to the wishes and requirements of customers.
In addition, it includes the refinement of existing modern production methods, with the aim of reducing energy consumption and carbon footprint and making a substantial contribution to sustainable development and supporting the circular economy, further strengthening the infrastructure and in particular the production facilities and machinery of both the company and the group’s subsidiaries in Poland and Australia, with the aim of providing faster and more efficient service to the customer base in the geographic areas
Finally, it includes the continuous improvement of organisational and operational structures, with the aim of further improving efficiency and further reducing costs in order to enhance competitiveness.
