AMIANTIT
Saudi pipe giant invests heavily in Norwegian Flowtite Technology subsidiary / 25 global production sites for GRP pipes
Saudi pipe, PU, fibreglass and polymers producer Amiantit (Dammam; www.amiantit.com/en) is investing USD 10m in the Norwegian technology centre operated by its Flowtite Technology subsidiary (Europe: Zug-Steinhausen / Switzerland; www.flowtite.com). Located in Sandefjord, the centre is one of two operated by the pipe giant, and catering to Amiantit’s 25 global production facilities.
The investment – which comes on the heels of a USD 4m financial injection in Amiantit’s technology hub in Saudi Arabia – illustrates the company’s aim to focus even more on R&D, including the technology used in its “Flowtite GRP” pipes. With an annual turnover of USD 1 bn, Amiantit produces GRP (glassfibre-reinforced plastics) pipes for water, drainage, power plants and industrial applications across the world.
The investment – which comes on the heels of a USD 4m financial injection in Amiantit’s technology hub in Saudi Arabia – illustrates the company’s aim to focus even more on R&D, including the technology used in its “Flowtite GRP” pipes. With an annual turnover of USD 1 bn, Amiantit produces GRP (glassfibre-reinforced plastics) pipes for water, drainage, power plants and industrial applications across the world.
03.03.2014 Plasteurope.com [227678-0]
Published on 03.03.2014