Austria’s Kronospan is planning to establish a factory in Egypt to produce wood-based panels including flooring and Medium Density Fibreboard (MDF), Industrial Development Authority (IDA) said in a press statement.

The company will initially invest $50 million in the project, the statement said, adding that its officials held talks with IDA Chairman Mohamed Abdel Karim for the allocation of 100,000 square metres of land in Sadat City or the 10th of Ramadan city for the project.

The statement said the factory will cater to domestic demand as well as exports to Arican markets.

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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