SIDENOR SA, in order to strenghten its strategic cooperation with Cypriot DOMOPLEX Ltd, has increased its participation from 13.4% to a 45% stake, aiming at further developing the company's operations in the Cypriot steel market.
DOMOPLEX Ltd is the largest steel mesh producer in Cyprus with over 80% market share. Its turnover in FY 2006 amounted to Euro 10.8 million, while pre tax profit stood at Euro 1.6 million.
The company's plants and facilities located in the industrial area of St Athanasios in Lemessos, are spread over 12,300 m2 area with 8,000m2 of building space, hold a production capacity of 35,000 tons of all type mesh, and there is currently underway an investment plan to increase capacity to 70,000 tons as from 2009.
The plant and facilities include:
- Wire rod processing unit.
- Construction Mesh production unit.
- Colum mesh and grid mesh production unit.
- Office space and warehouse facilities.
DOMOPLEX Ltd. will proceed to the immediate upgrade of its production facilities in order to enhance productivity, to improve the cost base and to broaden the product mix by producing meshes SIDEFIT 1D and 2D, as well as the overall product line of SIDEFOR, which SIDENOR has been successfully distributing in the Greek market.
The unit is expected to fully satisfy the increasing demand for meshes in the Cypriot market.