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Henkel to invest ,e1/450m in Egyptian market in next 5 years.

Henkel Egypt announced that the company targets investing e1/450m in Egyptian market in the next five years as part of its expansion plan.

The company is building a new plant specialised in detergents and homecare products in 6th of October City with investments of e1/440m, CEO of Henkel Egypt Ahmed Fahmy said.

Fahmy added that e1/410m will be invested to expand the company's plant in Port Said, noting that 70% of its production materials are sourced locally, which contributes to reducing the US dollar shortage in the market to buy raw materials.

Total investments amount to e1/430m over the past five years. Fahmy said Henkel targets reinvesting its revenues and profit in the Egyptian market.

"The company aims to transform Egypt into an export centre for African markets," Fahmy said. "Henkel is specialised in adhesive material, which was used in the restoration of Tutankhamun's gold mask last year."

Henkel's total sales in 120 countries amounted to e1/418bn in 2015, an increase of 3% compared to 2014.

In the laundry sector, the company comes in the second level in the Egyptian market and in the first level in the homecare sector, according to Fahmy.

The company is specialised into three globally operated business units: laundry and homecare, beauty care, and adhesive technologies. It is basedin Germany and has 50,000 employees from more than 120 nations worldwide.

Henkel is globally active and has as strong presence in emerging markets, which constituted 43% of its sales in 2015 and about 55% in employment.

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Publication:Daily News Egypt (Egypt)
Geographic Code:7EGYP
Date:May 30, 2016
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