GEORGE TOWN: Industrialized Building Systems will invest about RM100mil in its production and research and development facility at the Penang Science Park to become the biggest Swedish investor in Penang so far.
Managing director Erik Thomaeus (pic) said some 180 new jobs would be created when the factory is in full production.
He said there are also plans to invest in four more production facilities over the next five to 10 years.
“This facility, which will make modules intended for residential apartment buildings, will be the most modern when completed.
“It will be able to produce some 500,000 sq ft of apartment modules per year, which will mostly be shipped to northern Europe.
“We chose Penang due to its availability of educated staff, ease of doing business and the experience to produce top quality products,” he told a press conference.
Penang Chief Minister Lim Guan Eng said the facility is scheduled to start operation at the end of this year.
“The investment will create spillover benefits to local small and medium enterprises while the company’s products for the export market will contribute to Malaysia’s external trade earnings,” Lim said.
Already a subscriber? Log in
Get 20% OFF The Star Digital Access
Cancel anytime. Ad-free. Unlimited access with perks.
