KALAMAZOO, Mich. (WOOD) — A Kalamazoo-area paper mill is getting the green light to partly finance its expansion through up to $125 million in private bonds.
Wednesday, the Michigan Economic Development Corporation’s Strategic Fund Board approved a resolution allowing the move by Graphic Packaging International, LLC.
The company plans to use the bond proceeds to help pay for construction and installation of a new coated recycled board machine, as well as a new 70,000-80,000 square-foot storage warehouse. The expansion is expected to create 100 jobs, 70 of which have already been filled.
Graphic Packaging says the $615 million investment will allow it to increase its production of coated recycled board by 60% to 800,000 tons.
Construction is already underway at the site, located at 1500 N. Pitcher Street, just north of East Paterson Street. The MEDC expects the project to be complete by the end of this year.