Illinois-based KapStone Paper and Packaging will spend about $115m at its Cooper River site to modernise three papermaking machines and to make other improvements for increasing the capacity and efficiency.
In a statement released on Friday, the company said that the $115m figure is part of a multi-year investment plan for North Charleston that includes the already completed investments of around $29m.
The remaining $86m are expected to be used for different capital projects to maintain the mill's cost competitiveness and efficiencies over multiple years by modernising the three existing paper machines, said KapStone.
While no new jobs will be created as a result of the investment, the company said that it will safeguard the current workforce of 980.
According to a document filed by Charleston County's economic development office, the company expects to generate an additional $21m in tax revenues over 30 years, reported The Post and Courier.
KapStone had acquired the mill in 2008 from MeadWestvaco. The full council will review the deal on Tuesday.
According to the county, the KapStone paper mill is among the five biggest manufacturers in the region with an annual payroll of $85m.
The company was formed in 2005 and produces unbleached Kraft paper and corrugated packaging products. Employing around 4,500 people, it currently generates revenue of more than $2.1bn annually.
Its products include containerboard, including liner and medium, to kraft papers, saturating kraft and folding carton board. The company's product portfolio includes Kraftpak, DuraSorb, TEA-Kraft and FibreShield apart from extensible kraft paper grades and on high-performance, lightweight linerboard.
