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Naturalus Pluostas (Natural Fiber), a company of the Icor Group, has invested 8.2 mln euros in what it says is one of the most technologically advanced factories of its kind worldwide.

"We are planning to offer hemp fiber of the highest quality to the global textile industry and are seeking to gradually increase the volume of its production," Naturalus Pluostas CEO Raimondas Petreikis said in a press release. 

The facility has already started producing hemp fiber, hemp shives and pellets, he said, adding that they continue to invest in the factory's expansion and new equipment for the special processing of hemp fiber.   

The factory is currently capable of processing 30,000 tons of tons of hemp stalks and producing 10,000 tons of hemp fiber per year. The expansion will increase its annual production capacity to 20,000 tons of fiber.