Tak Investments, Gaithersburg, Md., USA, is investing some $60 million to establish a recycled tissue plant at International Paper's Franklin, Va., mill. A report this week by The Tidewater Times (Tidewater, Va.), said that the company subsidiary, ST Tissue, will use recovered fiber to produce tissue grades for napkins and towels, creating approximately 85 jobs. Virginia competed against Wisconsin for the project, according to the news report.
ST Tissue VP Sahil Tak said the company is about midway through converting its portion of the mill and plans to begin operating by late September or early October. The company has hired 25% of its workers and is looking for machine operators.
Tak in April signed a lease with IP that would allow the company to use a converted paper machine, office space, a sheeting warehouse, and recycled fiber facility for 33 years at more than $882,000 a year.
Tak Investments is owned by Washington, D.C.-area entrepreneur Sharad Tak, who got his start in providing computer-programming services to the federal government. Sharad Tak owns companies in several lines of business, including power generation, engineering, and information technology.
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