A new state-of-the-art 320,000 tonnes per annum containerboard packaging manufacturing machine has begun production in China.
Lee & Man Paper Manufacturing’s PM20 machine in Chongqing began production in July and it is also currently building a reported 400,000 tonnes per year machine in Vietnam that is scheduled to come online by the end of the year.
In announcing its interim results for the six months ended 30 June 2014, the company reported a profit of HK$913 million (£70 million).
Lee & Man Paper Manufacturing chairman Raymond Lee said: “In the long run, the prospects are promising as the demand for packaging papers in China will keep on increasing and more and more backward production capacities will close due to limited competitive power and tightened environmental protection regulations.
“The group is competitive enough to overcome market challenges. With the united efforts of the management and a reasonable debt level, the group hopes to continue expanding and developing in suitable regions when the economy picks up in the future so as to strive for greater profit for the group and generate better return for shareholders.”
Lee & Man sources the fibre that it recycles into finished product from the Chinese domestic market as well as from a wide range of global suppliers including Mark Lyndon Paper Enterprises in the UK.