European Investment Bank invests €100m in Tencel
04/02/2014
The Austrian fibre producer is implementing a multi-year development programme for new Tencel products, which includes the construction of research facilities and pilot plants. Most of these activities will be carried out at the company’s site in Austria.
The loan is being provided to Lenzing under a financing programme implemented jointly by the EIB and the European Commission.
Wilhelm Molterer, EIB vice-president responsible for lending operations in Austria, said: “Lenzing is a technology leader in the field of man-made cellulose fibres, thanks in part to its ambitious research and development activities. It is companies like Lenzing that are making a decisive contribution to Europe's innovative and competitive strength.”
Lenzing’s CEO, Peter Untersperger, added: “We see considerable potential for growth which must be explored now, as the demand for high-quality fibres manufactured in environmentally compatible processes will continue to increase.”
In December, the company announced a package of social measures designed to cushion the effects of a cost reduction plan.
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