Uflex Ltd. suspends expansion plans in Latin America

10-Sep-13

Indian flexible packaging major Uflex Ltd. has put on hold its expansion plans in the Latin American market, as per Plasticsnews. The company was planning to establish a production facility, most likely in Brazil, in 2013. The delay has been triggered by toughening global as well as home market conditions. In 2013 and 2014, the company plans to focus on consolidate business and optimize the operation in the five overseas facilities in United States, Mexico, Poland, Egypt and Dubai. Despite a gloomy economic scenario on the domestic front, Uflex is going ahead with its fourth facility in India. The converting plant will be in western or southern India, according to N. Siva Shankaran, vice president for business development.