OCTAL’s Major Milestone with US$3 Billion in Sales
Muscat, April 2014 – OCTAL, one of the world’s largest PET producers and a global leader in the packaging industry, has surpassed the US$ 3 billion dollar mark in sales, a record in the company’s six-year history. The company also set new benchmarks recording its highest quarter production volume of PET in Q1, 2014 with March 2014 being its second best month ever of PET production volumes. The latest capacity expansion of its state-of-the-art PET Complex in Salalah has increased production of bottle grade PET resin by 40% with a monthly run-rate of US$ 100 million. OCTAL accounts for approximately 15% of Oman’s non-oil exports, which equates to about 1.5% of the national GDP.
Joe Barenberg, Executive Vice President and Chief Operating Officer of OCTAL, attributes this achievement to the company’s continued success in securing high value accounts with some of the biggest and most respected international brands, meeting their requirements for general food and consumer products packaging. He said that this is a clear indication of Oman’s manufacturing prowess and potential for expanding Oman’s presence on the world stage.
With innovation and technology at the heart of the company’s operations, OCTAL is converting diverse packaging lines to its high performing PET resins and pioneering exclusive DPET™ sheet with exciting new high volume packaging substrates expected to be announced in May at Interpack, the leading packaging trade fair in Dusseldorf, Germany. The company’s unprecedented reduction in environmental impact has also created a new paradigm for the packaging industry and has set global industry benchmarks in energy and natural resource efficiency. Today, the company exports to more than 70 countries around the world and provides clear rigid packaging solutions to some of the titans of food and consumer products industries, including Coca-Cola, Nestlé, P&G, Walmart and Almarai to name just a few.
Oman-based OCTAL has emerged as the largest PET sheet producer and integrated packaging company in the world. Operating from the Salalah Free Zone, the company has successfully harnessed its strategic location with access to East-West shipping lanes and favorable trading regulations coupled with its unique-to-the-world manufacturing capabilities to meet the breadth and depth of customer demand.
Manufacturing PET resin and the first and only direct-to-sheet polyester sheet in the world, DPET™, the company’s state-of-the-art plant was purposely designed and built to yield superior quality products with waste and cost reduction benefits, increased productivity for thermoformers and unmatched environmental advantages.
OCTAL’s expansion to its existing facilities has added 600,000 tons per annum of PET bottle grade resin to the company’s current production capacity to reach 1 million tons per annum, making it the largest in the world on one site.
For more information, please visit: www.octal.com.