The UAE-based industrial conglomerate Future Pipe Group (FPG) is reconsidering its plan to set up a $40 million pipe manufacturing facility in Thailand. The group is seeking a business-friendly environment for its first Asian manufacturing venture, and may shift its business to Malaysia or Australia, according to Chairman Fouad Makhzoumi.
High industrial real estate prices and import duties on raw materials and machinery are the main concerns troubling FPG’s chiefs, according to the Bangkok Post. Makhzoumi met with Thailand’s Prime Minister Thaksin Shinawatra this week to discuss these concerns making a final decision by January-end 2003.
The proposed 25-acre site will produce pipes and fittings made from reinforced glass and epoxy resins. An estimated 50 percent of the plant’s output will be directed toward export. Annual sales are expected to reach $50 million.
The Dubai-based Gulf Eternit Industries is the founding company of Future Pipe Group (FPG), a family of companies specializing in the production of glassfiber reinforced epoxy, polyester and vinylester pipe systems for desalination and other municipal, chemical and industrial markets.
Future Pipe's total annual sales are about $300 million. The group has manufacturing facilities in Netherlands, Dubai, Abu Dhabi, Lebanon, Egypt and Saudi Arabia. Sales offices are located in the UK, Spain, France, Germany, Italy, Singapore and Washington. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
