Gulf Aluminium Rolling Mill (GARMCO), a counterpart of Bahrain Mumtalakat Holding Company, has invested US$24.5 million to expand its development project for a technologically advanced production line for aluminium coils.
GARMCO kept the project’s course aligned with the decisions taken by its creditors in November 2021. GARMCO also charted out a refurbishment plan alongside the unit expansion in agreement with the concerned parties since it had filed for reorganisation in February 2019.
From the US$24.5 million, almost US$7.5 million will be allotted for materialising the new aluminium coil production line, applying the “continuous casting” methodology to augment productivity. In the long run, this will help the company expand its network and bring in diversification.
The development plan also projected a total investment of US$17 million for the construction of the factory to recycle local aluminium scrap extracting dyes from it to be sold in foreign markets. With the investment, the company has also planned for a water and industrial oils treatment project to reduce GARMCO’s carbon footprint in the long run.
GARMCO notified that it is rigorously trying to devise a plan to reduce energy consumption by technologically modifying its hot rolling mill engine. The company has introduced a nitrogen unit while it kept an eye on the perfect expansion of production lines. The investment is solely to increase its original capacity, and the enhanced factory site is a boon to the company’s efficiency.
The Chairman of GARMCO and board representative of Mumtalakat, Arif Rahimi, exclaimed with immense satisfaction about the company’s modernisation and progress. He seemed extremely intrigued with the reorganisation plan and foretold its success.
The Chief Executive Officer of GARMCO, Mohamed Rafea, suggested the reconstruction has boosted the local and international competitiveness keeping the company at the top of its production spree since its origination “as well as making our first repayment to creditors in the past year,” he concluded.
Responses
