Octal Enters Phase III of Expansion as an Incubator of Downstream Opportunities
Reinforcing its position as the world's leading provider of eco-conscious and high efficiency DPET sheet and PET resin, OCTAL has revealed growth of 16% in sales for 2017 with production already under way on acquired orders to the worth of USD 260 million. The export giant of Oman's tale of growth and market success has actually been everything about continually delivering value downstream, using turbulent technologies that redefine DPET 's capacities, and increasing the range of its applications.
IPO on the Horizon
In its tenth successive year of growth considering that its facility in 2006 and with 4 purpose-built plants in Oman, Saudi Arabia, and the UNITED STATE, OCTAL's products now make up 7.3% of Oman's non-oil exports. The company is currently geared for its 3rd stage of growth-- downstream expansion and value realization, with the long term goal of an IPO to sustain global development. The development in 2017 and 2018 is anticipated to primarily originate from the application of new modern technologies in the pipe.
Omani Industry Day: February 9 th
As the Sultanate marked Omani Industry Day on February 9 th, OCTAL Chief Executive Officer, Nicholas Barakat said, "OCTAL's global reach contributes to the diversification of Oman's financial base by creating further direct and in-direct employment possibility for the people of the Sultanate and to enhancing assistance for the residential economic climate as it prioritizes local distributors and provider. We are functioning closely with SMEs and various other manufacturers to create the downstream ANIMAL industry and create a tactical synopsis and vision on how we can add to improving Oman's vision of a varied economic situation. Creating brand-new innovations with applications in brand-new geographies have been the foundation of our success and a clear indicator of the tremendous opportunities and potential of the manufacturing field and its line of new products in the Sultanate."
Future generation PET
The higher trajectory in demand for OCTAL's totally recyclable, sustainably created packaging services, made use of by the food, beverage and pharmaceutical, along with durable goods services, continues be driven by the introduction of innovative new products. Barakat, added, "OCTAL has actually invested and will certainly remain to purchase a phased strategy to record end-use applications, where thenext generation PET DOG comes to be the optimum service when compared with applications with other polymers."
Phases vs. Products
OCTAL's Phase 1 focused on achieving management setting in established markets with the introduction of its proprietary DPET sheet with its exceptional mechanical efficiency and environmental benefits. Phase 2 entailed interfering with existing markets through material scientific research, conversion and new innovations. With stage 3, the company's vision is to broaden the universe of DPET applications with the implementation of new processes and downstream growth.
Drawing in the focus of the market in particular this year are the company's recently launched, first of its kind, new process modern technologies for DPET pots for yogurt and milk products and customized PET disposable cups, covers, flatware and food service applications, which delivers efficiency while utilizing lower power. Contributing to OCTAL's sales energy has also been the successful development of its global reach to the high volume markets in the U.S.A where it plans fast growth with applications for the dairy products, pastry shop and various other food industry products. During 2017, it will certainly benefit from the intro of three new products increasing unique properties to OCTAL production lines.
Rising to New Heights
Always pushing borders and expanding its horizons, OCTAL presently has a number of vital new product packaging remedies under development in its state-of-the-art research study facility in Salalah. Among its industry firsts in 2016 were the intro of customized ANIMAL to replace high impact product packaging and also a 'form-fill- seal' easy to recycle application using DPET , established at the demand of a significant European cheese packaging supplier. OCTAL is also intending to incorporate its United States and Saudi Arabia centers to create packaging material along with their previous features. With this, these facilities will certainly have the ability to generate everything required throughout the production stage from basic materials to the final product at a substantially lower cost. This will certainly supply OCTAL with greater market reach and will take its capability to new heights.
PET World Leader
William J. Barenberg, Chief Operating Officer & Executive Vice President at OCTAL highlighted how strategic financial investment has actually been type in the company's achievements to date, "From creation, OCTAL has actually maintained a steadfast concentrate on financial investment in ability, exclusive technology and innovation.
This has enabled us not just to achieve sales growth year-after-year however likewise to end up being the recognized world leader in PET sheet and the industry reference factor for remarkable product performance and ecological requirements."
Barenberg added, "Oman's non-oil sectors are expected to continue growing in 2017, obtaining energy in their capacity to compete on a global scale. We are seeing a variety of key initiatives being applied like better access to fund, the continued assistance and eventual conclusion of major infrastructural projects, as well as the rise of new logistical centers that should have a considerable and positive influence on businesses' development in the lasting. These declare indicators for OCTAL and Oman at large, making it extremely most likely that 2017 will be one more year of development and opportunity."
From Oman to the World
Established with a financial investment of USD 600 million, OCTAL operates solid eco concepts, prioritizing the stewardship of natural deposits. In 2015, it had an export value of USD 569 million, marketing 98% of its top notch, environmentally friendly PET DOG material and sheet product overseas. With a complete yearly ability of practically one million statistics tonnes, OCTAL is the largest global manufacturer of PET Sheet and Material on a single website, and the only company on the planet with a totally integrated food product packaging system from basic material to finished product.
