First, the factory was forced to relocate and, a few years later, the company was forced to comply with an industry-wide requirement to install new equipment for the sake of safety. Matex soon lost its growth momentum, sales collapsed and the company sank into the red.
SINGAPORE (Feb 7): Dye manufacturer Matex International has had a colourful history so far. For a brief period of time, it was one of Singapore’s fastest-growing companies as its operations in China grew rapidly. Annual turnover at one point hit more than $100 million.
Yet, its fortune saw a quick reversal. A series of environmental protection laws slammed the brakes on the company’s growth and its key production plant suffered from stoppages.
