Pacific Millennium Packaging's Foshan Plant Nears Production Start, Group Decides to Build New Plant in Chuzhou

Recently, International Pacific Millennium Packaging Group announced its unaudited interim results for the six months ended June 30, 2021. During this period,

the Group recorded revenue of 1.117 billion yuan, an increase of approximately 26.5% over the same period of the previous year; profit attributable to owners of the company was approximately 23.3 million yuan, a decrease of approximately 20.9% over the same period.

Foshan plant expected to start production in the fourth quarter

It is reported that in 2020, International Pacific Millennium Packaging Group established a new plant in Shandong Province, with an annual output of approximately 78 million square meters of corrugated board and corrugated packaging products. As of June 30, 2021, the utilization rate of the plant was approximately 70%, and the utilization rate is expected to improve as the global COVID-19 pandemic recedes.

As for the Foshan plant, as of June 30, 2021, it was still under construction and is now in the final stage of construction. International Pacific Millennium Packaging Group said,

the project is expected to be completed in September 2021, with production to begin in the fourth quarter of 2021.

Once production starts, it will further strengthen the Group's market share in South China.

Plans to build a new plant in Chuzhou, Anhui

In addition to the Shandong plant and the Foshan plant,

the board of directors of International Pacific Millennium Packaging Group has further decided to build another new plant in Chuzhou, Anhui Province

, and the plant is estimated to be able to produce 75 million square meters of corrugated board and corrugated packaging products annually.

The board of directors of International Pacific Millennium Packaging Group believes that once the Chuzhou plant is put into use, it will continue to expand the Group's plant footprint in East China, enabling the Group to respond quickly to customer requirements and needs with the shortest production lead time. This is particularly important for maintaining competitiveness in the corrugated packaging industry.

Looking ahead to the second half of the year, International Pacific Millennium Packaging Group said that, taking into account the Group's overall situation and the fact that it remains uncertain when the COVID-19 pandemic will fully subside, the directors remain cautiously optimistic about the Group's performance in the second half of 2021. The management of the Group will continue to closely monitor market conditions and take appropriate measures to respond to changing market demand.

——This article is reprinted from China Packaging Network (pack.cn). Original link: http://news.pack.cn/show-378183.html