Turkey’s Eren Secures $850 Million Loan for New UK Paper Mill
- Loan will finance a container-board and tissue plant in Wales
- Unit to help Eren become Europe’s third-largest paper producer
The new paper mill in Wales will use the UK’s surplus in container-board waste that it’s current exporting as raw material.
Photographer: Luke MacGregor/BloombergTurkish industrial and retail group Eren Holding AS has secured a €775 million ($854 million) loan to finance a $1.3 billion container-board and tissue plant in Wales, in a boost to foreign direct investment in UK manufacturing.
A mix of 13 international and Turkish banks, alongside three credit export agencies, provided the loan to Modern Karton, a unit of the Istanbul-based Eren Holding, according to Sabri Cimen, chief executive officer of the group’s paper business unit, Eren Paper. The money will help build a new plant in Shotton, which will have the capacity to produce 750,000 tons of container-board and 67,000 tons of tissue paper a year, he said in a video call with Bloomberg News.