Last Friday in Washington D.C., Sofidel’s most recent greenfield investment in the United States has been presented as part of the Select USA Investment Summit, the most important event for the promotion of direct foreign investments in the US.
The investment will lead to the opening of a new large manufacturing plant in Inola, Oklahoma within two years.
During the final session, promoted by the Secretary of Commerce of the Federal Government Wilbur Ross and aimed at showcasing the foreign investments generated in the last year by the program, Luigi Lazzareschi has been the only entrepreneur on the stage, being introduced by the Governor of Oklahoma Mary Fallin with a thankful speech for Sofidel’s investment in Inola, that has been recognized as a rural economic development success story.
A first-class value stage, before a wide audience of institutional representatives and international economic players, that have been made aware of the new investment that Sofidel launched in March to further expand its business in the United States.
In Inola, about 30 miles from the city of Tulsa, Sofidel will build a new integrated plant combined with the installation of two paper machines for a total production capacity of 120,000 tons per year and with the related converting lines for the finished product (toilet paper and paper towels). The manufacturing plant is expected to start running by the end of 2020. The investment will amount to $ 360 million over three years (2018-2019-2020), resulting in a plant that will combine a focus on sustainability with technological innovation.
“We are proud to be here this year at the SelectUSA Investment Summit to present a major new investment by Sofidel in the United States” said Luigi Lazzareschi, CEO of Sofidel. “The SelectUSA program represents a valuable tool for us to grow in this market and the summit provides a great opportunity for us to network and increase our visibility. I like to recall that it was at the SelectUSA that Sofidel launched its first greenfield investment overseas, for the construction of the company’s integrated plant in Circleville, Ohio, which we will be inaugurating officially in October.”
In Washington D.C., Luigi Lazzareschi was also invited to participate as a panelist in a roundtable entitled “Success in the U.S. market”, dedicated to investments that the SelectUSA program has made possible to generate over the years. The other panelist swere important representatives of the automotive and chemical industries, such as Jason Hoff, President & CEO of Mercedes-Benz US International, and Timothy Madden, Chief Operating Officer of Oxiteno’s US activities.
SelectUSA Investment Summit is the highest profile event dedicated to the promotion of direct foreign investments in the United States. An event that is attended by Presidents of the United States, Federal Government representatives, Governors and key players in the economy. SelectUSA has facilitated more than $ 30 billion in greenfield FDI (foreign direct investment) into US since its inception.
In the2016 edition of the event, former President of the United States Barack Obama referred to Sofidel as one of the companies most capable of seizing the opportunities offered by SelectUSA.