Alcan Inc., one of the world's largest aluminum producers, said Tuesday that it is expanding its packaging business, spending $55 million to build and equip two packaging plants in Russia.
The Canadian company, whose packaging products include food wrappers and cigarette packs, said the Russian market presents a growth opportunity. The Moscow plant will make flexible packaging for the candy and dairy markets while a plant in St. Petersburg will make tobacco packaging.
The Moscow operation will cost $25 million to build and eventually employ more than 100 people. The St. Petersburg plant will cost about $30 million and employ more than 120 workers. Alcan expects production to begin by the end of April 2006 at both facilities.
Shares were up 12 cents at $46.16 in morning trading on the New York Stock Exchange.
News source: www.forbes.com
Print this news
Business news archive for 12 January' 2005.
Business news archive for January' 2005.
Business news archive for 2005 year.