With the new facility, with a capacity to manufacture 180 million tubes a year, Essel will target the high-value beauty and cosmetics category along with a pharma clean room for its new generation laminated tubes.
As it made the announcement after market hours on 18 July, Essel Propack gained 3.14% to Rs 211.80 on NSE at 1.35pm on 19 July.
“Today is an important milestone in Essel’s journey of success. Our new plant investment known as Essel Colombia SAS is a significant strategic event for our continued long-term growth and development here in Colombia, and throughout the South America continent. This facility is built with an infrastructure that will support the future capacity expansions and growth. We have now established our Gateway to South America,” stated Ted Sojourner, regional vice president, Essel Propack.
Located in a special economic zone, the facility will efficiently cater to the growing export opportunity in the adjacent Andean markets of Ecuador, Peru, Bolivia, Venezuela, Chile, etc., besides servicing the high local demand.
Ashok Goel, vice chairman and managing director, Essel Propack, said, “Essel Colombia is a strategic unit for us. On top of our strong local market, it opens up for us the markets in the Andean regions and the rest of South America. Our deep knowledge of these markets coupled with our long-term commitment, we are confident that this unit will benefit from some of Essel’s globally recognised innovative solutions and processes. Delighting our valued customers and unveiling new horizons for their brands. We are truly excited at the opportunity to serve the Latin and South American markets.”
Essel Propack new Colombia facility
The new facility is an expression of Essel’s confidence in the growth potential of the markets it has been serving for over 15 years. It will facilitate servicing the rapidly evolving needs of categories like beauty and cosmetics, pharma, and food from reputed local and multinational brands.