17 February 2009 12:26 [Source: ICIS news]
LONDON (ICIS news)--UK specialist textiles and performance materials manufacturer Low & Bonar plans to grow its presence in the Middle East, the company said on Tuesday.
Its first project in the region, a joint venture with Abu Dhabi Basic Industries (ADBIC) in
Total investment in the venture is estimated at $25m (€19.5m).
“We see our grass investment as the first step to a more significant presence in the region,” Stopford said.
Output from the new plant will initially serve global markets, although Stopford said that the company also intends to develop local markets.
Stopford said that world demand for artificial grass in sport and landscaping is growing each year at 10-15%.
($1 = €0.78)
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