El Sewedy opens $54m windmill plants
Cairo, March 7, 2010
Egypt's El Sewedy Cables has invested 40 million euros ($54 million) to open two factories making equipment for electricity-generating wind farms, the stock exchange said on Sunday.
A wind poles plant in Ain Sukhna on Egypt's Red Sea coast will start operations on March 16. The firm did not say when it would open a turbines factory in Tenth of Ramadan City, on the outskirts of Cairo.
El Sewedy officials were not available for comment.
The firm, the largest Arab cable maker by market value, has production plants in Ethiopia, Libya, Nigeria, Yemen and Qatar, as well as Egypt.
El Sewedy, which is due to post full year earnings this month, said in November it expected flat or slightly lower net profit in 2009, but 25 percent growth in 2010 as sales recovered. - Reuters