A Russian-American forest products company plans to invest nearly US$137m in the face of the global economic crisis to build a large plywood complex in the Krasnoyarsk region of Russia.
Midway United Ltd, with corporate offices near Boston, Massachusetts in the USA and in Moscow, Russia, is set to construct the new plant this year as part of its Yenisei industrial complex close to the Yenisei River in the Siberian city of Sosnovoborsk, reports Russia’s Marchmont Capital news service.
The plywood unit is designed to make use of the Krasnoyarsk region’s predominant deciduous hardwood resource of birch and aspen for its raw material. The facility’s output will be aimed at the North American market, regional authorities are quoted as stating. Midway already has lumber and plywood operations in Krasnoyarsk and Irkutsk regions.