Artmetal is expanding into the production of machine tools and local ferric finished products to fill a perceived need in the market in Ethiopia according to Seid Hassen, General Manager of Artmetal parent company, Wide Business plc.
Artmetal was previously engaged in just the import of iron which costs much less than importing finished machine tools he said.
The Artmetal Supply and Ferric Processing and Engineering Factory in Alem Gena was expanded at a cost of 18 million birr to increase its production capacity to 600 cubic meters of ferric products monthly.
The company was initially formed with a 3.5 million birr capital investment and offered employment to 40 permanent and 30 temporary employees.In related news, Artmetal parent company, Wide Business plc s set to establish an agro-commercial farm in the Southern Regional State of Ethiopia, under newly established Bura Agro Integrated Company.
The conglomerate has invested about 25 million birr in integrated agro-commercial irrigation farming on 428 hectares and expects to launch cotton farming on a further 400 hectare plot of land said Seid Hassen, General Manager of the Wide.
The company also anticipates investing in horticulture farming on 28 hectares of land he added.
Wide has used 10 million of the money it had allocated for land and plans to begin planting next year.
Source: Capital
