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$13 Million Contracts Awarded to Amiantit in Spain

15 April 2007

Amiantit's GRP manufacturing facility Amitech Spain has been recently awarded contracts amounting to approximately US$ 13 million (Euros 9.82 million).

The orders are for Flowtite GRP (glass reinforced polyester) pipes for a variety of applications ranging from an underwater pipeline in Marseille, France to sewage pipe systems in Spain, and GRP pipes for a power plant cooling system in Mallorca. However, the largest part of the contract awards consists of six orders for irrigation projects in Spain which amount to approximately US$ 9.3 million (Euros 7 million).

""In the year 2000, when the Amiantit Group began the process of going global, Spain was given high priority in our strategic planning because of its strong economic growth,"" said Amiantit President & CEO Eng. Fareed Al-Khalawi. ""We took into consideration three factors which would create an ongoing demand for Flowtite GRP pipe systems: continuous development of the tourist industry; rapid industrial expansion; and extensive agricultural expansion which, due to Spain's hot, dry climate, would require new irrigation networks and also replacement of old, outdated irrigation systems.""

Eng. Fareed went on to say ""Amitech Spain is consistently producing excellent results as is shown by the recent batch of orders, out of which the largest amount is for irrigation projects, proving our initial forecast to be correct and fully justifying our investment in establishing a GRP manufacturing facility in Spain.""