Beirut (MER) - Saudi Arabian Amiantit Company sold two Flowtite pipes production lines (for the production of fiberglass pipes) to Australian-based Fiberlogic Limited, the Saudi Stock Exchange website Tadawul reported Tuesday.
Fareed Al Khallawi, chief executive and managing director of Amiantit, said that equipment and other supplies will be shipped in August and production will start in November of this year. The plant will be built on an area of 50,000m2 in Lonsdale in southern Australia at a cost of SR 70 million.
Fiberlogic is considered one of the main fiberglass pipes manufacturers in Australia, the website stated. Fiberlogic produces fiberglass pipes, which are made using the Flowtite technology that is totally patented to Amiantit Group.
Amiantit is regarded as a major production and marketer of fiber cement pipes, sheets fittings and fiberglass reinforced plastic pipes. It controls 37 plants all over the world and sells and licenses its know-how in international markets, the website added. [SN-FC]
© MER (Middle East Reporter) 2005
