15th Dec 2016 08:52
LONDON (Alliance News) - Fox Marble Holdings PLC on Thursday said it has opened up its new marble processing factory in Kosovo as it vertically integrates its operations to produce, process and sell marble to its customers around the world.
The company is the only marble-focused stock listing in London and the new processing factory in Kosovo is major for the Balkans country as it is the first ever plant of its type to be built. The company has already processed its first block, using Illyric White marble, through its gangsaws.
Fox Marble's factory is equipped with an Italian plant comprising Barsanti gangsaws, a Gaspari Menotti polishing line, and a Promotec designed resin line and will have the capacity to produce up to 400,000 square metres of cut and polished slabs each year once it hits full capacity.
"The opening of the factory is in line with Fox Marble's strategy of offering a low-capex and integrated approach to its marble production, processing and distribution globally," said the company.
The factory currently has two gangsaws installed which are designed to cut and trim large blocks of marble up to 24 tonnes - with blocks typically 12 to 20 tonnes in weight - which are then cut into slabs that are usually 2 to 3 centimetres in thickness.
A third gangsaw, which will optimise factory efficiencies, will be installed in 2017, Fox Marble said.
The slabs, after cutting, can then be processed if required through the installed resin line and then through the polishing line, which is in the process of final installation, to produce a finished polished marble product, Fox Marble said.
"The opening of the factory and commencement of marble processing is a major milestone on the path towards Fox Marble offering a fully integrated marble production to sales service to its customers," said Chief Executive Chris Gilbert.
"This is particularly relevant for the domestic Balkans market where customers have already paid contract deposits to ensure supply once the construction season starts again in the second quarter of 2017. This will also reduce our costs, as well as allowing the company greater flexibility of its production and improve yields within the quarries," he added.
Fox Marble shares were up 0.6% to 7.92 pence per share on Thursday.
By Joshua Warner; [email protected]; @JoshAlliance
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