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Thai paint manufacturer TOA Paint (Thailand) plans to invest at least BHT1bn (approx US$28.2M) in three new factories in Cambodia, Myanmar and Indonesia, according to a report in Thai newspaper The Nation.
Pongcherd Jemeekornkul, President of TOA Paint (Thailand), told the paper that after establishing its sales representative offices and warehouses in Cambodia and Indonesia, the company had seen the huge potential in both countries.” The new sites will occupy large areas of land and all the plants are expected to be ready for production by the Q2, 2017, according to the report.
"The paint market in neighbouring countries is very alluring as these markets strongly prefer Thai products,” Pongcherd said.
After full operation of the three factories in 2018, TOA Paint (Thailand) aims to generate a total revenue of BHT20bn (approx US$565.5M). Of that figure, one-third will come from the overseas market, doubling from only 15% last year.
