IT Tech Packaging Inc (NYSEAMERICAN: ITP) is one of the leading distributors and manufacturers of paper products, announced the receipt of Level B scale-above Certification.
An innovator in a paper product: IT Tech Packaging stated that its Tissue paper R&D (research and development) center received a Certification after the regulator inspected its site. In addition, the company has been granted six new utility payment certificates. The State Intellectual Property Office gives the award for paper manufacturing related equipment. The award for tissue paper research and development center is the first batch of new utility patents. The recognition signals the company’s achievements in innovation that is recognized as intellectual properties. Therefore, the patent is also protected. The street believes that this patent further motivates IT Tech Packaging employees’ morale and boosts them to work on new technology shortly.
Paper manufactured from recycled paper: IT Tech Packaging Inc (NYSEAMERICAN: ITP) is a leading manufacturer in North China. The company uses recycled paper as a primary raw material (except for tissue paper production). The company manufactures different paper products, including offset printing paper, tissue paper products, and corrugating medium paper. The growing base of manufacturing activities in Hebei Province has helped the paper industry witness a sharp growth in the industry volume.
COVID-19 has led to a sharp growth in the consumption of paper and paper products and Bopp films. As both these products are used to protect the goods carried. The pandemic has led to a sharp jump in the corrugated packaging paper demand and helped the company produce the corrugated paper to see a record increase in volume, resulting in higher profitability and strengthening the balance sheet. Furthermore, the new patent received by IT Tech Packaging Inc (NYSEAMERICAN: ITP) strengthens its product offering, as it confirms the quality and meets the customer requirements.