Earlier this year, Clive Hobson of Innovative Composites International
told Yonge Street that the local manufacturer of innovative building materials expected to soon land a contract that would be a "home run in terms of growth and revenue." A $68 million deal to supply housing in Haiti and Ghana
announced last week appears to fit the bill.
Innovative Composites will supply 2 million square feet of its patented
EcoScape housing under the deal, and will construct and operate a new manufacturing facility in North Carolina to serve the contract.
"This is a game changer for ICI. One we have been working on for the last two years," said Innovative Composites President and CEO Terry Ball in a release. "We have a lot of hard work ahead of us, but I believe we haven't even scratched the surface in terms of market penetration and will be able to accelerate project roll out once the SC facility is up and running,"
The company was founded in Toronto in 2007 by former Magna International employees who have developed new thermoplastic building materials used to construct bridges, shipping containers and housing, among other things. Company spokesperson Hobson says it is hurricane-proof, fire-proof and virtually indestructable, and can be used to make almost anything.
Writer: Edward Keenan
Source: Clive Hobson, Director of Communications, Innovative Composites International