The soluble cellulose and environmentally friendly fiber group that Altri plans to build in Galicia could require an investment of more than € 700 million, the group said in a statement to the market today.
In a note posted on the website of the Portuguese Securities Market Commission (CMVM) reporting the group’s results through September, Altri recalled that she “announced a Memorandum of Understanding (MoU) with a public-private consortium in the Galicia region. (“Impulse”) solely to study greenfield construction of an industrial plant that will have the capacity to produce about 200,000 tons of soluble cellulose and environmentally friendly fibers per year. “
According to Altri, “this project will aim to supply the textile sector using an exceptional textile ‘cluster’ in the north of the Iberian Peninsula,” and the total investment “could exceed 700 million euros for the construction of one of the best factories in the country. the world in terms of sustainability and be the benchmark in terms of operating profitability. “
According to the group, these goals can be achieved “without the use of fossil fuels and surplus energy,” showing that “the location selection process is currently at an advanced stage and the environmental impact study is in the start-up phase. “.
Altri announced the project on October 1, pointing out that the conclusion of a final agreement is subject to verification of a set of precedent conditions that must be satisfactorily verified – which are estimated to occur in the second half of 2022 – will set the stage for formalizing it.
Impulsa is a public-private consortium under Spanish law created by international organizations based in Galicia called Sociedad para o Desarrollo de Proxectos Estratéticos de Galicia, SL, whose main goal is to develop strategic projects in Galicia.
Impulsa’s shareholders are Xunta (40%), Abanca (38%), Reganosa (12%) and Sogama (10%).
The company said Altri more than tripled its profit in the first nine months of the year to € 92.8 million from the same period last year.
According to the Market Information, “the group’s financial performance saw record production, but also sales during a period marked by rising pulp prices on the international markets.”
Thus, Altri’s revenues “reached 635.3 million euros in the first nine months of 2021, an increase of 35.3% over the same period last year”, and “in industrial activities, sales reached 551.9 million euros. while energy production has contributed. € 83.4 million in worldwide revenues ”.
