Takween’s executive: higher raw materials prices negatively affected 2013’s performance

A top executive at Takween Advanced Industries, which manufactures packaging plastic products, said that higher raw materials price and delays in launching a new production line had negatively affected the company’s performance in 2013.

Commercial operation of the third production line of its non-woven fabric subsidiary, Advanced Fabrics Company, SAAF, started in the 2nd quarter of 2014 instead of the first as previously planned, which weighed on the company’s financial results, Takween’s managing director, Abdulmohsen al-Othman, said in a press conference.

Takeen started a 3-month trial operation of its SAR 279 million- SAAF new line on Dec 17, 2013. Actual commercial operation commenced on April 3, according to Argaam. Non-woven fabrics are used in medical hygiene products.

He also said that his company signed a memo of understanding with Magna Steyer Co to conduct a feasibility study to establish automotive components and spare parts line.