National Oxygen to invest at least S$40m in Singapore,
region
By Rachel Kelly, Channel NewsAsia | Posted: 20 November 2007 2009
hrs
SINGAPORE : Industrial gas manufacturer National Oxygen (NOX)
expects to invest at least S$40 million to expand in Singapore and
the region.
It revealed this on Tuesday, as it marked the completion of its
third air separation facility on Jurong Island.
NOX is the Singapore unit of a Japanese firm, and has been
operating here for the past 25 years. It is seeing steady growth in
its business.
The company is one of the leading industrial gas manufacturers in
the region, specialising in production of oxygen, nitrogen and
argon.
However, it is keen to expand. It plans to plough more capital into
investments and increase manpower.
Shigeto Umatani, Managing Director, National Oxygen, said: "We are
planning to invest not only in Singapore, but in Malaysia Indonesia
and Batam.
"We are going to start with a new refilling station for downstream
business in Batam, Indonesia, and we are planning to set up a new
on site gas plant in Malaysia. We are also going to set up a new
carbon dioxide plant in Malaysia. These projects will be completed
by the end of next year."
NOX expects to spend a total of S$40 million on these projects. In
Singapore alone, it has so far invested a total of S$175
million.
It booked a revenue of S$87 million last year, and this is expected
to grow, as the third plant in Jurong kicks into full gear.
NOX said gas manufacturing will stay on a uptrend, as the economy
grows.
Mr Umatani said: "I think for the past three or four years,
Singapore's economy has been expanding very rapidly - between, I
guess, 6-8 percent per year.
"This year's economic growth is over 8 percent and I think, I'm
sure, this growth will stay for the next couple of years, and in
that sense, we believe that there is strong growth in this business
(gas manufacturing) for the next few years at least."
With the numerous projects NOX has in the Singapore industry, the
company is hoping to attain a one third total of market share in
the budding sector. - CNA/ms