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Thursday, 26 May 2016

Italy’s Bertazzoni invests EUR 55 mn into new stove factory

Italian stove manufacturer Bertazzoni are looking to invest EUR 55 mn in Egypt to build a new stove factory, Trade and Industry Minister Tarek Kabil told Amwal Al Ghad. The new factory will begin production in August 2017, with 50% of its output earmarked for regional exports, especially to countries with which Egypt has free trade agreements. The company is particularly interested in using Egypt as a conduit to export to African nations, said Bertazzoni’s chairman Paolo Bertazzoni. The plant will source 60% of its production inputs in Egypt. As we noted back in March, the facility was expected to cost USD 100 mn, according to El Araby’s deputy chairman Ibrahim El Araby.

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