This work presents the reconstruction and modernization of Factory HARTIJA Kocani, for production of high quality graphic paper. Part one analyses the goal of modernization and the approach to its realization. Part two describes the pre-reconstruction state and points to the trouble spots and technical shortcomings of the paper machine. Part three shows the state of technology after the modernization. Here, the companies that took part in realization of project are presented and the quality of their engagement is graded. The final part gives the evaluation of usefulness of the reconstruction and modernization. The evaluation is given for reaching projected capacity and quality, as well as for financial efficiency of the investment, i.e. the price of the execution of the project assignment.