Investments

The investments for the year are shown in the table below.

DESCRIPTION (thousands of Euro) 2019 2018
Rights, trademarks and brands 1,448 1,361
Intangible fixed assets in progress 138 1,029
Land and buildings 69,111 52,038
Investment property 60 -
Plant and machinery 48,101 111,902
Industrial and commercial equipment 836 555
Other tangible assets 3,236 1,937
Tangible fixed assets in progress and advance payments 118,254 223,518
TOTAL 241,184 392,340

The investments for the year mainly related to Sofidel America:

  • In Circleville, Ohio, USA, the construction of the integrated plant has been completed. It houses two paper mill machines and several converting machines for converting reels into finished products. The two machines started production in June 2018 and October 2018 respectively, and the paper mill and converting plants were completed in the first part of 2019.
  • In Inola, Oklahoma, USA, the company has begun construction on a new greenfield investment for an integrated plant (paper mill and converting). The investment relates to the installation of two paper mill machines, with a total production capacity of 120,000 tonnes per year, and several converting lines.
    Work started in March 2018 and during 2019 most of the buildings and necessary infrastructure were completed. Nine converting lines were started; the first paper mill machine was started on 22 January 2020 and the second machine will be completed in the first half of 2020.

In general, all the other investments made relate to continuous improvements in all production processes, in line with the Group’s consolidation and growth strategies.

For further information on the economic and financial results, please refer to the 2019 Consolidated Financial Statements.

Significant post balance sheet events

In January 2020 an agreement was reached with a third party buyer for the sale of the Land and Buildings of the Turkish company in liquidation.

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