MANILA, Philippines – The parent firm of tile maker Mariwasa Siam Ceramics is spending $70 million to develop new products for the Southeast Asian region.
In a statement, Thai firm Siam Cement Group (SCG), which owns Mariwasa Siam, said the capital spending is allotted “for research and development initiatives to fully strengthen its leadership position in the Southeast Asian region.”
SCG said it will develop new products that will prop up demand following a good performance last year.
SCG president and CEO Kan Trakulhoon said the company’s revenues from its Philippine operations reached $142 million, surging 50 percent from a year ago.
In April, SCG consolidated the operations of its ceramic tiles business, Mariwasa Siam Ceramic Inc. In September, SCG divested its stake in locally listed Mariwasa Siam Holdings Inc.
For the region, the company continued the trend of growing its sales by 39 percent per year. Consolidated sales reached $1.004 billion last year, SCG said.
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Sales in the region accounts for eight percent of SCG’s total sales revenues.
Kan said they expect 2013 to be a better year for SCG as it has become more resilient despite a weak global economy.