Companies In Uyo, Oron, and Abak are listed and reviewed herein. We hope you find the article helpful for your research.
These companies include Plasto-Crown Industries located at Uyo, Pamil industries located at Abak, Asbestonit Industries located at Oron.
Companies In Uyo, Oron, and Abak
Plasto-Crown Industries located at Uyo
Plasto-Crown Limited was a Nigerian company incorporated on 13th October 1976 and established as a down-stream industrial outfit to service the packaging needs of Champion Breweries Plc (Private Limited Company) and the Peacock Paints Limited.
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The main product produced in Plasto-Crown Limited are plastics such as crates, paint buckets, and crown corks. It was established as a turn-key project in partnership with Messrs D.A.H. of Germany as technical partners.
Company operations commenced in April 1978 and business was sustained till January 1989 when it closed down for eighteen (18) months due to operational problems. In 1991, through the assistance of working capital by co-operative Development Bank plc (Private Limited Company).
It resumed production of only one line of paint buckets, because of the ill-fortunes of Champion Breweries Plc. Akwa Ibom State Government has decided to source a three million naira loan facility for the activities of the company.
Pamil industries located at Abak
Pamil Industries Limited was incorporated on 31st July 1972 as a joint venture between John Holt Group Limited and the then Cross River State Government in a shareholding ratio of 40 percent is to 60 percent.
The Akwa lbom State Government paid off John Holt and the company is now 100 percent owned by Akwa Ibom State Government.
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The main business of the company is that of crushing palm kernel for the extraction of palm kernel oil (PKO) by solvent extraction using hexane, and the production of palm kernel pellets and meal from the residue.
The installed capacity of the mill was 350 metric tons of palm kernel per day. The highest attained capacity was 30 percent. The company gradually grounded to a half in 1991.
Conclusively, problems of the company were lack of spare parts, obsolete equipment, and raw materials, as well as poor management and lack of working capital which affected the company’s production capacity.
Asbestonit Industries located at Oron
Asbestonit Limited was incorporated in March 1972 as a private limited liability company with a share capital of two million naira and was jointly owned by the former Cross River State Government and Technimplanti of Milano, Italy as technical partners.
The factory was commissioned in 1975 and in 1977 the joint venture agreement with Technimpianti was terminated because of the faulty design of the plant and lack of technical know-how on the part of technical partners.
In 1980, Fulgurite incorporated of West Germany came in to take 30 percent of shareholding while Government held 70 percent.
The business of the company was to manufacture asbestos cement products and accessories like roofing sheets, ceiling boards, high and low pipes.
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Furthermore, between 1983 to 1987, the company operated at about 24.16 percent of installed capacity because of the inability to import asbestos fiber and other important production inputs.
Working capital was lacking. In 1986, Fulgurite finally withdrew from the company and later went into voluntary liquidation.
Asbestonit Limited stopped operation in 1988. The assets of the company have over the years been seriously vandalized and a valuation study of the plant should be undertaken to ascertain what is left for reactivation.