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FINANCIAL NEWS
El Sewedy Cables to build $50m plant in Libya
26 Oct 2010
(MENAFN) Egypt’s El Sewedy Cables said that it is planning to set up a cable manufacturing plant in Libya by the end of 2011 with total investments of $50 million, Reuters reported.
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 tons this year, with a further increase to 185,000-190,000 tons 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.
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