German Company Knauf Gips KG to Invest $50 Million (P2.5 B) in the Philippines

One of the world's most prominent company based in Germany, Knauf Gips KG is investing $50 Million or approximately P2.5 Billion in the Philippines according to the announcement made by Trade and Industry Secretary Ramon Lopez.

During an interview with some reporters, Sec. Lopez said that the company is building a manufacturing facility in Calaca Seaport in Batangas Province to produce gypsum-based plasterboard.

Knauf Gips KG, is considered as Europe's leading manufacturer of building solutions, the company is also considered as the leading manufacturer of gypsum-based plasterboard worldwide.

DTI revealed that the production facility in Batangas will cater to both domestic and international markets as they added that Knauf's initial investment in the Philippines under the administration of Pres. Duterte will generate 100 direct jobs.

The German company also provided space for future expansion in Batangas. Sec. Lopez also noted that the company recognize the fast growing Philippine market, the stability of business environment in the Duterte administration and the quality output of Filipino workers.

The DTI Chief also added that the "DTI and Board of Investments (BOI) committed to provide assistance in documentary requirements and accredited contractors as they aim to commence commercial production toward early 2018" Sec. Lopez added.

Last May 9, 2017, the German company Knauf had its groundbreaking in a six-hectare land in Calaca Seaport. Knauf CEO for Asia and the Pacific Murray Read mentioned that the firm is optimistic in putting up its manufacturing facility in the Philippines with its booming construction and fast economic growth.

Knauf Group is one of the world's leading manufacturers of modern insulation materials, dry-lining systems, plasters and accessories, thermal insulation composite systems, paints, floor screed, floor systems, and construction equipment and tools.

The German firm has 150 manufacturing plants and sales operations worldwide, with about 26,000 employees globally.

Source: Philippine News Agency

German Company Knauf Gips KG to Invest $50 Million (P2.5 B) in the Philippines German Company Knauf Gips KG to Invest $50 Million (P2.5 B) in the Philippines Reviewed by Phil Newsome on 7/10/2017 Rating: 5

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