Spanish-Egyptian paints maker Espectro Colors eyes $14mn-sales in 5 years

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Egyptian Espectro Colors Paints targets raising sales volume to around 125 million Egyptian pounds (US$14 million) within the upcoming five years, Managing Director Mahmoud El Srogy said Wednesday.

Speaking to Amwal Al Ghad, the official said that Espectro Colors is an Egyptian-Spanish joint investment since it launched a factory in the industrial zone of 10th of Ramadan City within the last few months of 2015.

The newly-launched factory was built with investment cost estimated at around 100 million pounds.

El Srogy added that the factory is established on the space of 4,000 square meters to operate with capacity ranging between 25-30 tonnes.

Espectro Colors eyes boosting its sales volume in 2016 to around 25 million pounds, the official stated, adding that the Spanish mother company plans to make Egypt a central core for the Middle East and Africa within the coming years.

El Srogy pointed out that Espectro Colors targets expanding its exports in 2017 to reach around US$5 million .

Espectro is currently in talks with one of the Saudi companies over establishing commercial branch in Saudi Arabia. Additionally, Espectro is about to finish its negotiating with an African firm to build commercial branch in Gambia, the official clarified.