Construction on the new factory in Finland is progressing on schedule, said Recticel. The company plans to start production in the fourth quarter of 2018.
By 2019, the new plant will drive sales growth in Scandinavia, the Baltic States and Russia, Recticel said.
The plant will make PU insulation panels. Last year, Recticel purchased a plot of land of about 40,000 square metres for the project. It also signed a deal to reserve an adjacent land plot of 46,000 square metres.
The announcement came after the manufacturer’s financial results for 2017 were revealed. Recticel’s combined sales rose by 8.4% to about €1.461 billion, and its recurring earnings before interest, taxes, depreciation and amortization (REBITDA) was up 8% to €105.5 million, according to data from the group.