Lisbon, Portugal, 15 March – Portuguese paint manufacturer Barbot, the fourth largest in the country, plans to open a factory in Angola by the end of the year, a market in which it expects turnover of up to 2 million euros in the first year, the company’s chairman said.
Carlos Barbot, speaking Tuesday to Portuguese financial daily Jornal de Negócios, said that the new unit required an investment of just US$1 million as a large amount of machinery to be installed there would be transferred from factories in Portugal.
“We are at the licensing stage of a factory in Luanda and expect it to be in operation by the end of this year,” Barbot told the paper.
The factory, he said, is expected to have an annual production capacity of around 1 million liters of paint.
In 2007, which will be its first full year of activity, the Portuguese company expects to have turnover of between 1.5 and 2 million euros.
According to Barbot,the Angolan paint market is worth a total 20 million euros per year, which is the equivalent of 5 percent of the Portuguese market which has annual turnover of some 380 million euros.
The Iberian market leader, CIN, has been in Angola since 1968.
Barbot also told the paper his company was planning acquisitions in Spain. (macauhub)