Portuguese company Euronavy opens subsidiary in Brazil and wants to build factory in 2009

27 September 2007

Lisbon, Portugal, 27 Sept – Portuguese company Euronavy has opened a subsidiary in Brazil to increase sales and provide support to its customers, the company’s chairman, Mário Paiva said in Lisbon Wednesday.

Paiva, a founding partner of Euronavy, said that his company had everything in place to set up a factory in Brazil, but its construction, “depends on the consistent and sustained development in this first stage of Euronavy Brazil, the subsidiary that was set up in August.”

Euronavy – Tintas Marítimas e Industriais is the only company in the world producing ecological paints for protecting steel against corrosion, and is also the only non-US supplier approved by the United States navy.

Paiva also told Portuguese news agency Lusa that “Brazil has strong growth potential for Euronavy, and it is the company’s third market.”

Singapore is Euronavy’s first market, followed by the United States and then Brazil, where the company has turnover of some 4 to 5 million euros per year.

For this year Euronavy expects turnover of between 15 and 16 million euros.

Last May Euronavy opened a paint factory in Nantong, in Jiangsu province, eastern China, in order to sell paint to the Chinese navy.

“As well as the Chinese navy, we have also attracted several very good customers such as Sinopec [largest Asian oil company by refinery capacity] and the Qingshan nuclear power station, in the western province of Zheijiang,” the general manager of Euronavy China, Zhang Yongei told Portuguese news agency Lusa in Beijing at the time. (macauhub)