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Helesi receives funding for Greek expansion April 4, 2007

Posted by grhomeboy in Business & Economy.

Government grants have been approved that will allow plastics and rubber moulder Helesi to boost capacity at its facility in Greece.

The Greece and UK based waste management products manufacturer will receive grants totalling €11.4m from the Greek Ministry of Finance towards an expansion of its production facilities at Komotini.

The award will enable Helesi to invest an additional €20.8m over and above the €60m investment programme it disclosed in November 2006, at the time of its share listing on London’s Alternative Investment Market. Helesi is planning to double production capacity at Komotini over the next two years. The plant produces two and four wheel plastic bins and pallet boxes.

The company said: “In addition, the investment will provide the Company with the latest generation of manufacturing technology that will increase efficiency, lower unit costs and free up older equipment for use elsewhere.”

The total investment of €20.8m comprises €11.4m of grants, €4.2m from a secured long term debt facility and €5.2m from the company’s internal cash flow. The expansion programme will commence in August and is scheduled to be completed in September 2009. 

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