Elopak ASA ("Elopak", ticker: ELO) announces today the investment in a second
production line in the new production plant under construction in Little Rock,
Arkansas, USA. Elopak announced in June 2023 the decision to build the new
production plant, an investment of around USD 70 million including the land, the
building and the first production line. Elopak has since the announcement last
year sold out the full production capacity for first production line, with
continued strong demand for our solutions. The second production line will
contribute with up to USD 110 million in revenues for an incremental investment
of around USD 25 million. The production plant is planned to start production
from the first production line in H1-2025, with the second production line
expected to be in production around 1 year later. 

 "We have since the announcement of the investment last year sold out the full
production capacity for first production line in the new plant, further
strengthening and derisking the investment case for our expansion into the US.
With the construction of the plant progressing as planned on time and budget,
and with the continued strong demand for our products, it is time to add more
capacity to be able to serve all our existing and new customers in Americas",
says Lionel Ettedgui, EVP North America. 

Thomas Körmendi, CEO says: "I am pleased to announce the expansion of the new US
plant with a second production line to continue to build on and accelerate the
profitable growth in region. This is a clear response to the continued strong
demand that we see for Elopak as a reliable business partner. This is a new step
towards realizing our newly announced long-term ambition to become a EUR 2
billion company". 

For further information, please contact:
Christian Gjerde, Head of Treasury and Investor Relations
E-mail: christian.gjerde@elopak.com 
Tel: +47 980 60 909

Elopak ASA
Oslo, September 10, 2024

About Elopak
Elopak is a leading global supplier of carton packaging and filling equipment.
The company's iconic Pure-Pak® cartons are made using renewable, recyclable and
sustainably sourced materials, providing a natural and convenient alternative to
plastic bottles that fits within a low carbon circular economy.

Founded in Norway in 1957, Elopak was listed on the Oslo Stock Exchange in 2021.
Today it employs 2,700 people and sells in excess of 14 billion cartons annually
across more than 70 countries.

Elopak is a UN Global Compact participant member. We have set Science Based
Targets to reduce emissions in line with the 1.5 degree trajectory, and aim to
be Net-Zero by 2050. In 2023, we achieved a gold rating by EcoVadis and were
rated top 2% sustainable companies in the world.

For more information, go to www.elopak.com or follow us @Elopak on LinkedIn.