Olympic Oil Temporarily Closes India’s Media Craft Paper Mill
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Olympic Oil Industries recently announced that it stopped the papermaking unit at Media Craft Paper Mill, which is being taken on a lease basis from L Kant Paper Mills (Uttar Pradesh, India) per an agreement reached in December of last year.
The mill, located in the Rania Industrial Belt in Kanpur, India, stopped production for only a "temporary period." While the mill is down, it allows time to maintain and upgrade components. As well, the new Olympic appointed management team has time to review and possibly suggest revisions to the mill’s current operational practices as it reopens.
Conventional papers such as coated printing and writing paper have seen rising demand in the region, marking a contrast with North America and the EU where it has been in near constant decline, especially as digital technology at the hand of the region’s consumers have recently encouraged even more "going paperless," as many corporations who seek to eliminate overhead costs of buying paper are now suggesting as a standard practice to Western customers who use their services. In India’s industry, however, the current challenges faced are usually not demand problems, but rather the need for increasing mill safety, combating what have become globally adopted environmental concerns, as well as making quality (stronger, brighter, better gloss on coated grades, etc.) domestically produced papers. The company is not reacting to unfavorable market conditions.
Olympic Oil Industries was incorporated with a primary objective of extracting oils -- either by crushing, by chemical, or by any other processes from copra, mustard, rape seed, til seed, cotton seed, linseed, castor seed, groundnuts, or any other nut or seed or oil bearing substance.
