AWS Schaefer, Satellite Pipeline Ink US$19.3 Mln Investment Deal

From M. Saraswathi BERLIN (Germany), Sept 27 (Bernama) -- Germany's AWS Schaefer Technologie GmbH and Satellite Pipeline Sdn Bhd from Malaysia have sealed a joint-venture deal on Tuesday to build a US$19.37 million (RM80 million) manufacturing facility in Gebeng, a small town and main industrial area in Pahang state in Malaysia. AWS Schaefer is a prominent family-owned company specialising in pipe-forming and pipe-manufacturing machines with more than 50 years of experience. The signing ceremony was witnessed by Prime Minister Najib Razak who is here on a three-day official visit beginning Monday. AWS Schafer Chief Executive Officer Hubertus Engels signed the agreement on behalf of the company while Satellite Pipeline was represented by Managing Director Abdullah Osman. The plant in Gebeng will be involved in engineering, fabrication and installation of a heat induction bending facility which is used mainly in the oil and gas industry. The factory will also have a heat treatment facility and laboratory. Meanwhile, Abdullah said construction of the plant would start in two months with operations expected to begin by end-2017. "The negotiations for the deal took about four to five years," Abdullah added. -- BERNAMA