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CIN, Iberia’s leading paint and varnish company has unveiled plans to invest E12M in increasing the manufacturing capacity of its plant producing powder paints for the industrial sector, in Maia, Portugal.
"We have been turning away customers because we do not have any more capacity. It was essential to increase the capacity in a segment – Industrial Finishes – which is geared towards exports and which has ample business potential for the CIN Group,” stated João Serrenho, Chairman of the CIN Group. "Our products are well accepted by foreign markets and requests are regularly made,” added the head of the Group.
The investment is scheduled for various phases over five years. The first phase comprised a E6M investment and was completed in July.
Powder paints currently represent 11% of the Group’s total turnover. CIN will produce an additional 50% in the first phase, reaching 10,000t/yr. This increase in production will be almost entirely channelled for export.
In the second phase, from December 2012 to February 2013, a specific products unit will be installed, encompassing an investment of E1.5M. The third and final phase will increase the installed capacity to 14,000t/yr through the installation of new production lines. The expansion will initially create an additional 15 jobs to the 58 already existing and increase the R&D area.