Berger to launch fire retardant products
Berger Paints has signed an agreement with Promat Fire and Insulation Private Ltd, a leading fire protective coating supplier, in order to launch fire retardant painting solutions in Bangladesh.
As such, the listed multinational paint maker can now import, produce and distribute fire intumescent products in the country.
"People of Bangladesh have a lack of awareness and protective tools to prevent fires at the workplace," said Mohsin Habib Chowdhury, senior general manager for sales and marketing at Berger Paints Bangladesh.
"Since Promat is the global leader in supplying fire retardant products, we made a deal with them to bring their internationally certified goods," he added.
Chowdhury went on to say that these products are an industrial requirement.
In the wake of a deadly fire incident at the Hashem Foods factory in Narayanganj on July 8, fire prevention has become a major concern for local industries.
"These products can help hold up a steel structure for around two hours during a fire, allowing fire services enough time to extinguish it," he said.
Berger Paints will become equipped with the means to locally produce these products through a technology transfer while other goods that have less demand will be imported.
The company plans to roll out its new line of fire retardant products from next January as some preparations are needed before production can begin.
"We will also work to raise fire safety awareness as people are not aware enough about fire protective solutions," said Chowdhury, adding that they will work with the government in a bid to provide these products at competitive prices.
The listed paint maker disclosed this information through the Dhaka Stock Exchange website yesterday.
As per the agreement, Berger Paints will be an importer and distributor of Promat's products in Bangladesh. Jenson & Nicholson (Bangladesh), a wholly owned subsidiary of Berger Paints, shall be the exclusive indenting agent of Promat in the country, the disclosure said.
On the same day, the company disclosed its financial information for the year that ended on March 31, 2021.
It also declared 375 per cent cash dividends for the year, when the company's earnings per share rose 11 per cent to Tk 58 compared to the previous fiscal year.
However, the share price of Berger Paints dropped 5 per cent to Tk 1,780 yesterday.
Its net revenue rose to Tk 1,667 crore in FY2020-21 while it was Tk 1,621 crore a year earlier.
During the same period, the company logged profits of Tk 254 crore while it was Tk 229 crore the previous year.