Company behind Uratex brand sets aside P1B for VisMin plants
August 5, 2014
THE RGC Group of Companies is setting aside close to P1 billion in investments for eight Uratex manufacturing plants in key provincial areas in Visayas and Mindanao starting this year until 2015.
Frederick Sow, general manager of Uratex-Cebu said plants in Cagayan de Oro, Iloilo and two sites in Davao are scheduled for completion this year. The expansion in Tacloban, General Santos, Butuan and Iligan are eyed next year.
“We are looking at P100 million investment for each province which will include acquisition of land and machineries,” said Cherry Wong-Tan, marketing director at RGC in a press conference yesterday.
Tan attributed the company’s aggressive expansion to the growth in the country’s population, now at 100 million, and improving economy, which resulted in consumer’s high spending power and improvement of lifestyle.
She said the growth in real estate developments like hotels, condominiums and residential projects and other industries like automotive also contributed to the expansion of Uratex, which is posting double digit growth year on year, driven by the consumer segment.
The foam business accounts for 70 percent of the company’s total business.
Uratex is the flagship brand of RGC Group of Companies, which is composed of three other companies. Uratex is the country’s largest manufacturer of commercial and automotive polyurethane foam products. RGC has 16 manufacturing plants nationwide.
Tan said sales in Cebu are growing in double digits year on year. Although, they came to Cebu only in 2008, Tan said they managed to grow their brand and have become a major player in the industry.
“We are always sensitive to what our Cebu customers and partners want, keeping in mind the overall picture of Cebu as a major economic player in the Philippines. While our Uratex plant in Cebu services Cebu and other regions in the Visayas, it likewise continues to provide for the needs of the various business sectors throughout the Philippines,” said Sow.
Read more here: http://www.sunstar.com.ph/cebu/business/2014/08/05/company-behind-uratex-brand-sets-aside-p1b-vismin-plants-357971