Capital expenditure was EUR 145.5 million in 2021 (EUR 118 million in 2020). This includes maintenance-related capital expenditure of EUR 71 million. Depreciation and amortization on fixed assets was EUR 172.3 million, including depreciation and amortization arising from PPA of EUR 62.6 million.

Announced investment decisions

During the year, work continued completing two strategic growth investments. Both investments are expected to be completed during the first half of 2022. 


The investment project will strengthen the company’s European manufacturing platform for high-performance filtration and energy storage applications.

Beverage & Casing

The investment aims to strengthen the company’s market position in biodegradable and compostable tea bags, coffee, and meat casings.


Completed strategic investments - production ongoing


  • In September, Ahlstrom-Munksjö entered into an agreement to acquire 60% of Chinese decor paper producer Minglian New Materials Technology Co., Ltd.  
  • The transaction was completed on January 14, 2022.


  • In May, Ahlstrom-Munksjö decided to invest EUR 58 million in a new glass fiber tissue production line in the U.S. to support the flooring industry in North America.
  • The new line will produce a full range of glass fiber tissue with a main focus on Luxury Vinyl Tiles and Vinyl sheet materials.
  • Customer deliveries are expected to start in mid-2023.

Updated: March 2022

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