Octal plans to invest $50 million in Oman

Times News Service

MUSCAT: Octal has announced that it will be investing a minimum of US$50 million this year in its Polyethylene Terephthalate (PET) sheet business in Oman. The outlay will largely be in PET sheet capacity expansion to improve the existing machinery, increase operational efficiencies and generate cost savings.

The world’s leading clear rigid packaging material supplier recorded consistent growth in 2018 and has now entered its fourth development phase.

The company outlined its successes during a meeting for bankers and lenders.

Nicholas Barakat, Chief Executive Officer at Octal, said, “Despite a challenging year, we had a profitable 12 months, which is a testament to our unique product and efficient operations. Our investment going forward is driven by the customers’ need for a superior product that meets their packaging and environmental requirements.”

“Our continued growth is the result of massive investment and research into the most advanced innovative technologies. By adopting the latest production methods, we have continuously extended our global reach and developed new products that assist customers in displaying their goods using our expanded range of PET packaging solutions,” he added.

Scott Ewen, Chief Financial Officer at Octal, said, “Cost control and cost reduction initiatives have been fundamental in ensuring financial sustainability over the long term. We have maintained a steady focus on investment in capacity, proprietary technology and innovation, enabling us to accomplish sales growth year-after-year.”

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