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24.05.2006 Business & Finance

Aluworks, INCO Sign $6.5m Pact

By Rose Hayford Darko

ALUWORKS Limited has signed a US$6.5 million agreement with INCO of Spain for the supply of a coil coating line.

The project, when ready, will offer a higher quality product and increase exports substantially. It is expected to be operational by mid 2007.

The Managing Director of Aluworks, Mr Kondagunta Venkataramana, signed for his company while the General Proxy of INCO of Spain, Mr Angel Carcia, signed for the suppliers.

An additional US$3.5 million meant for infrastructural facilities for the plant brings the total value of the project to US$10 million.

Mr Garcia said the line would be able to operate on aluminium, Aluzinc and galvanised steel.

He said this was a high technology line which could turn out products with 20-25 years guarantee of not changing colour.

The Managing Director of Aluworks, Mr Venkataramana, said there was the need to install the new line because of the market's demand for coloured roofs.

He said ALUWORKS would increase its profit and competitive strength in the next few years, with the installation of this line.