Uflex to set up a unit in Mexico

Plastics materials manufacturer Uflex Ltd has said it will invest $91 million (Rs369.50 crore) to set up a 52,800 tonnes-per-annum greenfield polyester film plant in Mexico, to cater to the continental American market. The combined capacity would meet the company''s growth targets for the current financial year as well as fiscal 2008-09, the company said.

Uflex also said it expects Dubai-based subsidiary Flex Middle East to contribute $120 million to group revenues per year, after commissioning a 26,400 tonnes-per-annum additional polyester film capacity at the Jebel Ali plant, compared to $45 million earlier. The company said the addition of a second line producing PET film will help it earn a profit of about $20 million compared to $8 million earlier.