The German-Arab Chamber of Industry and Commerce (GACIC) announced Sunday the opening of a new Knauf Egypt plant, with investments of $50m.
Minister of Industry and Foreign Trade Mounir Fakhry Abdel Nour will participate in the opening Tuesday with the presence of the German ambassador in CairoHans Joerg Haber, the Knauf family, and some Egyptian and German businessmen, according to a Knauf Egypt press statement.
The plant production capacity is 15m sqm gypsum, 90,000 tonnes of gypsum products, and 25m matres of metal cutters, the statement read.
In 2010, Knauf Egypt expanded its strategy, through establishing a factory for gypsum boards, metal cut-outs and gypsum products in the Ataqa Suez industrial zone.
The Knauf investments in the plant amounted to $50m, through self-financing. The latest German machines and equipment have been used in building and manufacturing the plant to ensure that the production process is in line with German quality standards.
“Suez has been selected as the location for establishing the factory, because of its strategic location between raw materials sites, local markets and main export markets,” the statement mentioned.
Knaufis an international, family-owned company based in Germany, and is well known for drywall gypsum boards, originally founded in 1932. The company is specialised in isolating modern materials, dry lining systems, plasters multiple thermal insulation systems, paints and construction tools and equipment.
Knauf operates in 60 countries and employs 26,000 employees around the world, and its volume of sales in 2013 amouted to €6.27bn.