Global films producer Klöckner Pentaplast Group is offering an update on its plans to expand worldwide in 2013 and 2014.
The company recently announced that it is investing 45.6 million euros ($60 million) to boost capacity in Europe, China and Brazil.
A new line at its Newport, England, site, will increase polyester film capacity by 8,000 metric tons and add 15 new employees. Total investment is 6 million euros. In Portugal, Klöckner is investing 5.5 million euros to also add 8,000 metric tons of polyester capacity.
The remaining money is being invested in China, where shrink film capacity will go up by 6,600 metric tons, and Brazil, where the firm is investing in 1,200 metric tons of additional coating and laminating capacity.
The announcement comes only weeks after Bloomberg News reported that Strategic Value Partners Investment Group — the U.S.-based firm that bought Klockner Pentaplast last year — is working with financiers Goldman Sachs Group and Jefferies Group to find a buyer for the firm.
Klöckner Pentaplas had announced plans for investments in China, Brazil and Portugal in November 2012 — less than four months after SVP had purchased the company.
Klöckner Pentaplast is based in Montabaur, Germany, and employs more than 3,000 at 17 plants worldwide.