Kronospan announces major expansion of North American operations
7 July 2016Kronospan is to expand its operations located in Oxford, Alabama.
The undertaking will consist of four projects: two laminate flooring and decorative paper impregnation lines; a particleboard and thermally infused laminate line; an expansion of the KronoChem resin plant; and development of a furniture cluster.
Kronospan aims to make a US$362m capital investment in the expansion and also hire an additional 160 persons for its workforce. Start-up for the expansion projects will commence late 2016 through 2018.
"We sincerely appreciate the State of Alabama, acting through the Department of Commerce, the City of Oxford and Calhoun County for supporting our expansion project and making it a reality," said Tim Pack, CFO of Kronospan.
An incentives package, including an investment credit, non-educational tax abatements and a local economic development grant, was provided to induce Kronospan to undertake the expansion project.
Once the expansion project is finally completed, Kronospan will have invested US$650m and will employ over 270 persons at its Oxford, Alabama operations.
