Westvaco Svitany, SPOL. S.R.O.

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MIGA insured Westvaco Corporation (Westvaco) of the United States in two separate contracts, totaling $26.5 million, for its equity and loan investments in Westvaco Svitavy, SPOL. S.R.O., in the Czech Republic. Westvaco will establish a modern paperboard printing and converting facility 75 miles east of Prague. The project facility will supply labels and folding cartons to Central European manufacturers of consumer products. A large rotogravure printing and converting press will be installed with an initial processing capacity of 2,335 tons of paperboard. The plant's design will permit adding two more presses as volume increases. Westvaco is one of the leaders in the development, production, and marketing of specialized packaging for the food industry in the United States. The project will create approximately 100 permanent jobs and will provide training for all its employees in plant operation and sales, as well as in rotogravure, offset-printing, and press operation. It will also contribute about $4.5 million in annual exports during the first five years of operations. MIGA insured Westvaco against the risks of expropriation and war and civil disturbance.

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