Swedish company invests RM100m in Penang

2017 Jan 14, Saturday

Swedish company invests RM100m in Penang

GEORGE TOWN, Feb 14 — Scandinavian Industralized Building System (SIBS) will invest RM100 million to build a facility at the Penang Science Park here this year, the state announced today.

The Stockholm-based company will start construction of the facility in the first quarter of this year and it will start operating at the end of this year.

“The investment is expected to create about 180 new jobs in Penang with spill over benefits to local small medium enterprises,” Penang Chief Minister Lim Guan Eng said when announcing the investment today.

He said SIBS takes the lead to be the largest Swedish investor in Penang.

SIBS also joins other notable Swedish investors in Penang such as Nolek, Nolata, Monitor ERP and soon-to-be launched Ikea.

“I am pleased to note that SIBS’ investment does not only includes a modern and advanced manufacturing facility with robotics and automated machinery but also a state-of-the-art research and development facility,” he said.

SIBS managing director Erik Thomaeus explained that the company manufactures industrialised building system (IBS) or pre-casted apartment units.

He said SIBS is a pioneer within IBS for residential apartment buildings and the facility it is building here will produce approximately 500,000 sq ft apartment modules per year.

“The majority of the production here will be shipped to Northern Europe,” he said.

He said if initial RM100 million investment, Phase 1, is successful, they have plans to invest in additional four production facilities over the next five to 10 years.

“We have plans to multiply this investment by five within the next five to 10 years,” he said.

Source: The MalayMail Online

News & Events

Subscribe to Our Newsletter