Tuesday January 26, 2010
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| A&E sets aside US$1.2mil for market expansion |
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SHAH ALAM: Anti-corrosion coating systems manufacturer A&E Group has set aside US$1.2mil this year for market development expenditure in South America and the United States and a further RM1.5mil for the local market.
“The main expansion for A&E in 2010 is in South America and the United States, we have allocated US$1.2mil covering four major exhibitions and setting up service support for customers such as Weatherford and Conoco Phillips,” A&E chief executive officer Arthur Haycox told reporters yesterday at the launching of its global headquarters here.
“Local expansion allocation is RM1.5mil, which covers training, management, communication (website) development and the appointment of supervisors for global service support and also to cover the trade shows in Malaysia and Singapore,” he said, adding that “our main thrust for 2010 and 2011 is to train personnel in servicing the rapidly growing client base.”
A&E, which began business with a yearly revenue of RM2mil in 2005, chalked up revenue of RM20mil in 2009.
A&E CEO ARTHUR HAYCOX ON EXPANSION PLANS: "Our main thrust for 2010-11 is to train personnel". |
It is aiming to hit RM30mil in revenue in fiscal year 2010 and RM75mil by 2012.
A&E is a Malaysian company established in 2005 that owns, manufactures and distributes both the “Alocit” and “Enviropeel” anti-corrosion coating systems and has a direct presence in Australia, Europe and the United States.
The global anti-corrosion coating market is worth as much as US$16bil.
Haycox said the company’s future outlook looked good.
“We are optimistic because the market conditions for our products have remained buoyant and increasing awareness of environmental issues and safety requirements have boosted enquiries,” he said.
“Also, around the world there is a lot of ageing infrastructure for which our products offer a uniquely effective solution and it is needed urgently.”
A&E currently exports 85% of its products overseas to a wide range of clients, including Shell, BHP Billiton, DNV, Rio Tinto, AMEC, ConocoPhillips, Petronas and the US Navy.
Source: http://biz.thestar.com.my/news/story.asp?file=/2010/1/26/business/5542421&sec=business
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