Portugal: Portugal’s company builds paint factory in Brazil

28 January 2008

Lisbon, Portugal, 28 Jan – Portuguese company Euronavy plans to build an industrial paint factory in Brazil, where this year the company won contracts worth a total of 30 million euros over the next five years, the company’s chairman said in Lisbon Friday.

Speaking to Portuguese news agency Lusa, Mário Paiva said that the factory would be built in the port of Suape, to the south of the city of Recife, and production was expected to begin in 2009.

“We signed a protocol with the government of the Brazilian state of Pernambuco to set up a factory to manufacture marine and industrial paints, without heavy metals or solvents, representing an investment of 10 million euros,” Paiva said.

With a production capacity of 4,000 tons per year, the new factory will be owned by the Portuguese company’s Brazilian subsidiary, which it created in 2007, which is 100 percent owned by the parent company, based in Setúbal, Portugal.

The contracts won for this year are for anti-corrosive paint for 14 ships and an oil platform.

The ships will be painted in 2009, but construction f the oil well is due to begin in February of this year, and is expected to be concluded at the end of next year, and will be operated by Brazilian oil company Petrobrás.

Brazil is one of Euronavy’s most important markets and Paiva said he expected turnover from the country, which is currently around 8 million euros per year, would one day be higher than that of the parent company (around 13 million euros). (macauhub)