The German Lebanese Company for Paints and Chemicals (GLC) is seeking to open a plastic and packaging factory on an area of 15,000 sqm in 10th of Ramadan City, according to Mohamed El-Hout, its CEO.
He told Daily News Egypt that the new factory’s investment cost is estimated to be EGP 200m that is self-funded. Moreover, the total current investments of the group are estimated to be EGP 600m.
He said that the company is seeking to increase its export rates to the African market, aiming to reach $15m within the next two years, compared to a current 5% rate, through entering new markets in Ghana, Ivory Coast, Kenya, and Morocco after careful study of these markets over the past two-year period.
El-Hout pointed out that entering into these markets will help the company distribute its products in four or five neighbouring countries, as new export production lines will be opened to Africa within six months after the opening of the new plastic factory.