Egyptian ceramics firm Lecico will build a brassware factory at a cost of LE 16.5 million ($3 million), of which it has already spent about three-quarters, it said in a statement on Wednesday.
The plant, a 70/30 joint venture with a family-owned group, will launch by mid-year and aims to bring in around LE 50 million a year within four years, the statement said.
“The taps market in Egypt is estimated at over 4 million pieces and we also see a great potential for brassware exports,” Chairman and Chief Executive Officer Gilbert Gargour said in the statement.
