Polish timber company TimberOne is planning to set up a manufacturing facility in Bilgoraj in the Lublin region of the country.
The construction cost of the manufacturing facility is estimated at PLZ205m.
TimberOne intends to use the facility to manufacture glulam and thermally modified timber for the residential, industrial and public building markets. It will also produce wood pellets.
The company also plans to build a power station to produce heat and electricity using biomass obtained from production waste or with raw material from local sources. It should become operational in the second quarter of 2012.
TimberOne hopes to partly pay for the project through proceeds from its stock market debut, which is scheduled for the beginning of 2011, when the company enters the NewConnect market.
The offering will be worth PLZ15-20m.
