El Sewedy Cables plans $50m Libya plant
Cairo, October 26, 2010
Egyptian group El Sewedy Cables said on Monday it would set up a cable manufacturing plant in Libya by the end of 2011 with total investments of $50 million.
"The plant will generate revenues of 20 percent (of the investment)" after it begins operation, Ahmed Homossani, Sewedy's investor relations director, told Reuters.
The Arab world's biggest listed producer of cables used in power transmission and telecoms has plants in countries from Egypt to Ethiopia, Nigeria, Saudi Arabia, Algeria and Zambia.
It exports to the Middle East and north Africa, Spain, Portugal, eastern Europe and Brazil, with African countries taking 30 percent of its exports.
El Sewedy said in September it would increase output this year and next to meet growing demand. It plans to boost output by 18.5 percent to 160,000 tonnes this year, with a further increase to 185,000-190,000 tonnes in 2011.
The company, which also produces equipment for wind farms, plans to produce 300 towers in 2012 at its wind towers plant in Ain Sukhna on Egypt's Red Sea coast, Homossani said on Monday.
El Sewedy owns 90 percent of Spanish wind-turbine maker Manuel Torres Olvega Industrial SA and operates a plant manufacturing electrical meters in Slovenia. "We expect the plant (in Spain) to generate revenues of 20 percent in 2011," Homossani said. - Reuters
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