Press Release: State aid: Commission endorses proposed EUR 38 million aid for paper production plant in Setúbal, Portugal

The European Commission has authorised, under EC Treaty state aid rules, tax reductions worth €38 million which the Portuguese Government intends to give to the company 'About the Future', a subsidiary of the Portucel Soporcel group, for the creation of a new production plant for uncoated woodfree paper in Setúbal. The Commission's investigation found the aid to be compatible with the Single Market, as it met the requirements of the regional aid guidelines and the rules for regional aid for large investment projects (see IP/02/242).