Indian flexible packaging powerhouse Uflex Ltd. has decided to postpone its plans for expanding in the Latin American market.
Uflex CEO Amit Ray explains how economic conditions have forced the company to delay the expansion, which was originally planned to take place this year.
“The global as well as home market conditions have become tough, forcing us to put on hold further expansion in the international market,” says Ray. “We are now focusing on consolidating our business and optimizing the operation in the five overseas facilities in 2013 and 2014.”
Uflex's five overseas facilities are located in the U.S., Mexico, Poland, Egypt and Dubai. Ray says the company is considering either Russia or South America for its sixth overseas location, which is set to be built in 2015.
N. Siva Shankaran, Uflex's vice president of business development, says the company's fourth facility will be built in western or southern India.
“We have not decided on the plant location as yet. It would likely to be decided early next year,” says Shankaran.