RGF support for investment in steam raising plant

RNS Number : 2624P

Cropper(James) PLC

23 October 2012

 



23 October 2012

James Cropper PLC ("James Cropper" or the "Company")

The Department for Business Innovation & Skills announces Regional Growth Fund support for investment in a new steam raising plant

James Cropper is pleased to notify the market that The Department for Business Innovation & Skills ("BIS") has announced that the Company's proposed steam raising plant has been selected for support from the Regional Growth Fund ("RGF"). The RGF grant is conditional upon the Company's proposal satisfying BIS's due diligence process. If this process is successful a grant of up to £3.1 million would contribute to the capital investment of approximately £7.0 million at the Company's site in Kendal, Cumbria. 

Assuming that the due diligence process has been satisfied and that the project is approved by the Board it is anticipated that the steam raising plant would be operational by late 2014.

When operational, the steam raising plant would significantly reduce the Company's energy costs, CO₂ emissions and rising environmental taxes. It is estimated that the savings for the Company would exceed £1.0 million per annum by 2015. The plant would consume a mixture of solid recovered fuel ("SRF") produced from municipal waste and the Company's own paper-making effluent residues. 

Planning permission for the project has already been granted.

Enquiries:
John Denman, Group Finance Director	Richard Baty, Paul Gillam
James Cropper PLC	Westhouse Securities Limited
Tel: [phone]	Tel: [phone]
www.cropper.com

 

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