OCTAL achieves sales milestone
OCTAL, one of the world’s largest polyethylene terephthalate (PET) producers and a global leader in the packaging industry, has surpassed the $3 billion mark in sales, a record in its six-year history. The company also set new benchmarks, recording its highest quarter production volume of PET in the first quarter of 2014, with March 2014 being its second best month ever of PET production volumes.
OCTAL says the latest capacity expansion of its state-of-the-art PET Complex in Salalah, Oman, has increased its production of bottle-grade PET resin by 40%, with a monthly run-rate of $100 million. The company accounts for approximately 15% of Oman’s non-oil exports, which equates to about 1.5% of the national gross domestic product (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.
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 new high-volume packaging substrates expected to be announced at interpack 2014, which will be held May 8-14 in Dusseldorf, Germany.
OCTAL’s reduction in environmental impact has also created a new paradigm for the packaging industry and 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 giants of food and consumer products industries, including Coca-Cola, Nestlé, P&G, Walmart and Almarai.