Amiantit doubles its GRP production capacity before mid of 2008

Before mid of 2008, Saudi Arabian Amiantit is planning to expand its production capacity of GRP pipes and tanks in Saudi Arabia and Gulf region by twofold.  Amiantit is also expecting to increase its sales of GRP pipes and tanks to between 120,000 and 150,000 tons per year.

Commenting on the investments dedicated to this expansion, Engineer Fareed Yousuf Al Khalawi, Managing Director and CEO of Saudi Arabian Amiantit Company said, "Amiantit's investments to double production capacity in GRP pipes and tanks will be very limited. We already own most elements of basic facilities and infrastructure. In addition, Amiantit technology division is directly supervising the process of expanding production capacity and supporting new production lines with the latest developments in Flowtite, the technology owned and licensed by Amiantit. Flowtite is characterized with rationalized consumption of raw materials, which is seeing dramatic high prices, and will certainly help the company fulfill its contracted orders in the Kingdom and GCC region.

Amiantit has recently announced the closure of its US facility in line with its strategic restructuring plan in the global sector. This comes in line to dedicate its technical and financial resources to the developing markets, especially the Saudi market.

Note to Editor:
The Saudi Arabian Amiantit Company was established in 1968 at Dammam as a limited liability company and was converted into a joint stock company in 1994. It started with a paid-up share capital of only €740,000, which is currently standing at €214 million. Its shares are traded on the Saudi Stock Exchange. The prime activity of the company is to initiate and manage new industrial projects, and market its technologies and products. The company also monitors and controls the business of all the Amiantit Group subsidiaries through its corporate management office in Dammam, Saudi Arabia. 

The Amiantit Group is a leading industrial organization with global strength and is comprised of companies in the Kingdom and abroad that manufacture various kinds of pipes, joints, fittings, tanks, rubber products and related accessories. Other activities include own and transfer technology, and water project consultancy and management all around the world.

For further information please contact:
Assim L. Alhakeem                                       
Saudi Arabian Amiantit Company                
Tel:        +966 50 30 11 33 0
Fax:       +966 2 - 651 6149                              
e-mail    info@amiantit.com

 

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