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Toly aiming to be €100m firm by 2015

Prime Minister Lawrence Gonzi visiting Toly Products yesterday. Photo: Darrin Zammit Lupi

Prime Minister Lawrence Gonzi visiting Toly Products yesterday. Photo: Darrin Zammit Lupi

Toly Products, a Malta-based supplier of packaging products for the global cosmetics industry, is planning further investment on the island and targeting a 40 per cent increase in sales over the next three years.

Speaking during a visit by the Prime Minister to the Bulebel factory, Toly’s chairman Andy Gatsey described last year as very good for the company.

It managed to boost its global sales by 10 per cent and grow by seven per cent.

Mr Gatsey said although the company’s performance was still not back to its pre-economic crisis levels, the figures were very encouraging when considering the state of Europe’s economy.

This year, Toly is planning to set up its corporate headquarters in Malta, which will also include an innovation centre.

“Our strategic aim is to become a €100 million business by 2015. I still believe that we are on track, especially the way we have evolved over the past years.”

Mr Gatsey touched on the cost of energy, saying Malta needed to remain competitive and lower costs (particularly in electricity) would be welcome.

Dr Gonzi said that while the Government would be taking further measures to reduce costs for industry, including in energy, this had to be done sustainably.

He said his party’s proposal to introduce night tariffs following a €200 million investment in an interconnector with Sicily should benefit Toly immensely as the company operated around the clock.

Dr Gonzi pledged further investment in the manufacturing industry as one of the pillars of Malta’s economy.

More funds, particularly from the EU, would be dedicated to research and development so that companies like Toly could continue to expand.

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