Press Release - grand opening of sIBS Plant 2

Scandinavian IBS recently unveiled its new plant at Penang Science Park on a 60,000 m2 land here on Sept 29. The newly launched plant aims to improve the company’s business development and opportunities.
 
Erik Thomaeus, CEO of SIBS Group, said the group expects to invest RM 500 million over five years in the new plant at Penang Science Park. The investment would start with the opening of a new facility on a 60,000 m2 site which includes four production lines – two installed now and another in mid-2023.

local and international stakeholders sees great potential in SIBS

Penang Chief Minister Chow Kon Yeow said the investment will stimulate local businesses, thus contributing significantly towards the economy of Penang by maintaining and strengthening its local supply chains.

Meanwhile, chief executive officer of Malaysian Investment Development Authority (MIDA) chief executive officer Datuk Arham Abdul Rahman, said the company’s presence will encourage the growth of local companies within the IBS industry and that this is a key win for Malaysia in realizing their aspiration to attract high-quality investments from reputable companies all around the world.

Sweden Ambassador Dr. Joachim Bergstrom highly agrees and said in the last few years, they have seen an incredible development of new methods and materials within construction that are cost-effective and enhances liveability and safety.

“SIBS is at the forefront of the development. It brings me great joy to see that they are expanding their operations here in Penang, bringing in leading global solutions within their field, sharing that knowledge, and providing many jobs to the local community.”

The Future of SIBS

SIBS aims to produce up to 5,000 units of apartments annually. With the opening of its new facility, the group expects to create over 1,200 employment opportunities as its expanded space and resources create a platform to expand product offerings to new markets. SIBS foresees a value of RM552 million flowing through the local sourcing of raw materials and components.

 

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