Pfleiderer AG, a Germany-based producer of engineered wood products, will invest 144 million euros ($227.5 million) in building a new fiberboard plant in northwestern Russia, a company source said Sunday.

The plant, to be built in the village of Podberezye near the city of Veliky Novgorod, will be located close to Pfleiderer's operating enterprise that produces particleboards, the company's source said.

The first stage of the plant, with an annual capacity of around 500,000 cu m of raw fiberboards intended for the furniture industry and the construction sector, is expected to be commissioned in the third quarter of 2009, the company source said.

Pfleiderer's wood products will be supplied to the Russian and foreign markets. According to the company's calculations, the Russian market alone requires more than 1 million cu m of fiberboards a year.

RIA Novosti


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