“Our production is now operating at nearly full capacity. We need to expand capacity to maintain revenue growth,” said company chief executive Somchit Bowseriwong.
He said the investment would raise capacity from 1.5 million m2 a year to 2.2 million m2.
The company has recently signed an agreement which will see its Singha Parket flooring distributed through the Siam Cement Group’s Cementhai Homemart retail chain.
“The domestic market is now more interesting as homeowners are beginning to accept other materials to replace genuine wood because it is comparable and convenient for builders and owners,” said Mr Somchit.
He expects initial sales of at least 40,000m2 a month from 20 Cementhai Homemart outlets.
The company plans to raise its domestic sales volume to 30% of total sales, compared to a current 20%, as it offers higher margins compared to exports.
However, it also plans to expand its export market to Australia and the Middle East to add to its existing overseas markets in Europe, Asia and North America.
