Gundle/SLT Environmental (GSE) has purchased its joint-venture partner, Hyma Foam Hyma Plastics' 49.99 percent interest in an Egyptian geomembrane manufacturing project. The cost of the transfer is valued at four million dollars.
Under the terms of the agreement, GSE will purchase a second geomembrane manufacturing line currently under lease to the joint venture at the end of the calendar year 2003 for $950,000.
"The acquisition is expected to allow GSE to meet the demand for supply of geomembrane products to the growing Egyptian market driven by government programs designed to rebuild the infrastructure in wastewater treatment and handling, water management and conservation, and sanitary landfills. This move will allow the Egyptian plant to manufacture products for export into the Middle East and on the African continent previously restricted by the joint-venture agreement," said GSE's chief executive officer, Samir T Badawi.
With two geomembrane manufacturing lines in Egypt, GSE's presence in Egypt will allow it to better serve the geosynthetic needs of potential customers in the Middle East and Africa with lower delivery and duty cost.
Hyma/GSE Manufacturing Operations in Egypt are conducted are conducted just outside of Cairo with a sales office in Nasr City. The trading company sells exclusively within Egypt. It offers products manufactured by Hyma/GSE Manufacturing and products manufactured by the company in Germany, the UK and the US.
US-based GSE is a global manufacturer and marketer of geosynthetic lining solutions, products and services used in the containment of solids, liquids and gases for organizations engaged in waste management, mining, water and wastewater treatment, agriculture, aquaculture, and other industrial activities. Hyma/GSE Manufacturing was formed in 1996. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
