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Tripack
Films (Pakistan) sets up local venture
Tripack
Films Limited recently established a Board of Investment (BOI)
approved company, following the completion of a feasibility survey.
The quantum of initial investment is in the region of US$ 8.5 million,
most of which is likely to come from investment sources outside Sri
Lanka. Tripack Films is a joint venture between Packages Limited of
Pakistan and Mitsubishi Corporation of Japan, and is Pakistan's
largest producer of Biaxially Oriented Polypropylene Film (BOPP) with
a market share of over 65%. The company's annual sales are presently
US$26 million with a pre-tax profit of US$4.5 million.
"The
local manufacture of BOPP film shall provide flexibility to the local
users to react very quickly to the needs of the local market and
exporters. The lead times will be reduced, less inventory will need to
be stocked and this should enable the users to sell more, more
profitably." Khalid Yacob, Director, Tripack Films and Director
Packages Limited stated.
Tripack's
core product BOPP and its derivatives are used widely in the flexible
packaging industry for garment, hosiery, tea, biscuits, cigarettes,
confectionery, soap and detergents.
Meanwhile
Aslam Omar, Director, Phoenix Ventures Ltd., added that BOPP being a
packaging related product will complement the Phoenix Ventures
products laterally.
Founded
in 1993 Tripack Films went into commercial operation in June 1995.
Their first manufacturing plant was installed, at a capacity of 5400
metric tones per annum and the second, established in May 2001, was
also of the same capacity. The latter's production capacity was fully
utilised by February 2002, and an order was made for a third plant, of
15000 metric tonne capacity, with targeted operation for end 2004.
Whilst
currently catering to Sri Lanka's market demand of 3500 metric tonnes
and exporting the balance, the company will continue to meet the
increasing demands of expansion within the next 3 years, at an
expected growth rate of 15%.
Tripack
Films is quoted on the Karachi, Lahore and Islamabad stock exchanges
and employs 200 people presently.
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