As part of the same plan, the company has received a further 3 million euros in guarantees from the Basque Government.
Papelera de Amaroz has specialised in paper manufacturing since the late nineteenth century.
The company has embarked on an ambitious project for extending its production capacity, which will rise from 40,000 to 80,000 tons a year.
The Basque Government will fund the acquisition of the company Vidriería y Cristalería de Lamiaco, S.A. (VICRILA), to prevent the firm from closing down with the loss of 350 permanent jobs plus another 600 temporary and indirect posts, a spokesperson for the Leioa-based company has declared.
TTT Ejes is a firm created in 1996, specialising in shock absorber shaft production.
