SOURCE: Corpac Group

Corpac Group

November 09, 2012 09:48 ET

Corpac Announces Investment in New OCTG and Coating Facilities in Colombia

Global Leader Strengthens Position in OCTG and South America Markets

MIAMI, FL--(Marketwire - Nov 9, 2012) - At the Expo Oil and Gas Colombia 2012 show last week in Bogota, Corpac Group (http://www.corpacgroup.com) unveiled its CORPIPE and CORCOAT investment projects, which will vertically integrate the group's business units and strengthen its position in OCTG and steel services in the South American markets.

According to the US-based holding company, it is actively building a state-of-the-art OCTG facility near Barranquilla, Colombia, that will have a production capacity of over 150,000 tons. The new CORPIPE plant will be capable of producing casing and tubing from 2" to 13-3/8" for the E&P energy markets. CORCOAT, the 21st century FBE and 3LPE coating facility, will be capable of coating line pipe up to 48", with a capacity of over two million square meters per year. Both facilities will be housed at Steel City, a 353-acre complex operated by the group. This strategically located hub with access to three major ports along the Atlantic Coast will provide Corpac's Colombian companies with access to the world.

Company leaders said the projects are part of Corpac's expansion plans in Latin America. "A key component of our global strategy is to focus on markets where our presence, global brand and superb local workmanship come together for a reliable domestic and regional solution for our customers," said Ivor Subotic, VP of Business Development. "Corpac is all about the relentless pursuit of improving our customers' competitive advantage. Our customers play an important role in building and energizing the modern world, and we take great pride in being a world-class solution to further enhance their projects and make them a success."

Droshn Vishnoff, Regional Director for South America, added: "Throughout the industry, the Corpac name is synonymous with trust, reliability and confidence -- proven every day through the delivery of products and services that are well above industry standards. Construction is in progress at Steel City, and we are already creating jobs in the Malambo area. Once fully operational, the production facilities will create over 200 direct jobs and hundreds more indirect jobs. We are proud to call Colombia the new home of our latest initiative, and appreciate the role ProBarranquilla and Proexport have played in making this possible."

About Corpac Group
Corpac Group (http://www.corpacgroup.com), based in Miami, Florida, is a global holding entity that operates world-class, vertically integrated business units in the steel production, distribution and services markets. Divisions include: Corpac Industrial, Corpac Services, Corpac Distribution and Corpac Ventures. These divisions operate independently, and execute uniquely tailored strategies characterized by their organizational agility, creativity, integrity, customer perspective-taking and cross-functionality to serve global customers at every stage in the supply chain. Visit www.corpacgroup.com for more information.

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