H&R to invest RM200mil in speciality manufacturing plant in Lumut


Since 1990, the group has two facilities in Malaysia namely H&R Malaysia Sdn Bhd and H&R Malaysia Wax Sdn Bhd in Port Klang and Batu Caves respectively.

KUALA LUMPUR: German-based speciality refiner H&R GmbH & Co KGaA will be investing RM200mil in a speciality manufacturing plant in Lumut, Perak.

The company planned to kickstart construction of facility by March next year, followed by commencement of production by early 2024.

The project is expected to be carried out in three phases, with a designed capacity of 150,000 tonnes per year, according to the company in a statement.

H&R announced its investment plan during its meeting between the trade and investment mission to Germany led by Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali.

Since 1990, the group has two facilities in Malaysia namely H&R Malaysia Sdn Bhd and H&R Malaysia Wax Sdn Bhd in Port Klang and Batu Caves respectively.

Azmin said the announcement by H&R reflects foreign investors’ confidence in the country’s business environment, adding that the group had indicated goals to reduce its dependency from fossil-based feedstock to renewable for more sustainable products.

Meanwhile, H&R said it would be setting up a new entity, H&R Chempharm Asia Sdn Bhd, focusing on the production of environment- friendly plasticisers for tyre and rubber applications as well as technical and medicinal white oils for food, pharmaceutical, cosmetics and polymer applications with the new introductory of bio-based products.

H&R is the leading global sustainable refiner and marketer of speciality plasticisers, extender oils, softeners and waxes based in Germany.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

Bitcoin extends downtrend, falls 12.1% to US$47,176
Perodua targets to deliver 30,000 units in December
CPO futures likely to trade higher next week
Georgieva says examining all IMF research processes to ensure integrity
Oil steadies, paring gains as rising COVID cases spur demand worries
Omicron-fuelled volatility deals hedge funds worst monthly return since March 2020
US-listed Chinese shares take a hit as Didi to exit NYSE
Didi shares plunge more than 20% on plan to delist from NYSE
Wall St ends lower on Omicron worries, Fed taper angst
Micro impact of new variant?

Others Also Read


Vouchers