Riyadh – Mubasher: Saudi International Petrochemical (Sipchem) announced the commencement of the commercial operation of tools manufacturing facility and industrial parts on Tuesday.
The factory is owned by the Saudi Specialized Products Company, an affiliate of Sipchem, and located in the Second Industrial City in Riyadh, according to a bourse filing.
"The plants equipment tests were completed successfully ensuring efficiency, capacity and product quality," the statement said.
The financial impact of the facility will appear in the company's financial results of the fourth quarter of 2016.
Total cost of the plant is around SAR 110 million, to be financed by the partners and local financing entities.
"The plant utilizes the manufacturing technology of (Kiefer Werkzeugbau) GmbH, Germany to produce molds and parts used in plastic factories, packaging and metal industries," the company added.
