Mariwasa
Ceramic tiles | |
| Website | www |
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| Footnotes / references [1][2][3] | |
Mariwasa Siam Ceramics, Inc., more commonly known as Mariwasa (stylized as MARIWASA) is a Philippine tile manufacturing company based in Taguig, Metro Manila, Philippines. Its main plant is situated in Santo Tomas, Batangas.[2]
History
Mariwasa was established in March 1966[1] by the brothers Emerson and Edison Coseteng[4] and was originally incorporated as the Mariwasa Manufacturing, Inc. (MMI)[5] with its name derived from the Filipino word for "prosperous".[6] It grew to become a major player in the tile industry in the Philippines with Mariwasa exporting some of its products to Hong Kong and the United States.[7]
Mariwasa went public in the Philippine Stock Exchange (PSE) in 1991 which led to the partnership of MMI with Thai firm Siam Cement Group (SCG). The two firms created a joint venture Mariwasa Siam Ceramics, Inc. which was made a subsidiary of MMI. By 1997, it was producing 12,000 square metres (130,000 sq ft) of tiles daily from 1,200 square metres (13,000 sq ft) of daily tile production in its first year of operation.[6] It also opened a modern manufacturing plant in Batangas in the same year.[8]
However starting 1998, the company experienced a financial crisis, registering an average of millions of pesos in net loss for the next few years. Mariwasa stopped trading in the stock exchange in December 1999, decided to close its main tile manufacturing plant in 2001 in Rosario, Pasig,[7] and defaulted in 2003. Mariwas took a $14.5 million loan from the International Finance Corporation in 1999 as part of a restructuring of Mariwasa's financing and operations.[8]
As of 2019, Mariwasa and Formosa Ceramic Tiles Manufacturing Corp. are the two main manufacturing firms involved in the Philippines' tile industry.[9]
References
- ^ a b "About Us". Mariwasa. Mariwasa Siam Ceramincs Inc. Retrieved September 28, 2020.
- ^ a b "Contact Us". Mariwasa. Mariwasa Siam Ceramincs Inc. Retrieved September 28, 2020.
- ^ Lim, Janina (February 14, 2019). "Mariwasa Siam Ceramics plans to acquire new kiln to boost tile production". BusinessWorld. Retrieved September 29, 2020.
- ^ "Mariwasa marks 50th year in tile business". Cebu Daily News. Retrieved September 28, 2020.
- ^ de la Fuente, Franz Jonathan (November 7, 2012). "Co Seteng family leaves Mariwasa after 46 years". BusinessWorld. Retrieved September 28, 2020.
- ^ a b "Mariwasa at 50: Opulence meets Sustainability". The Philippine Star. September 26, 2016. Retrieved September 28, 2020.
- ^ a b Mendez, Christina; Diaz Jr., Conrado (July 24, 2001). "Mariwasa to close main tile factory". The Philippine Star. Retrieved September 28, 2020.
- ^ a b Osorio, Maria Elisa (August 20, 2007). "IFC agrees to restructure $14.5-M Mariwasa loan". The Philippine Star. Retrieved September 28, 2020.
- ^ "DTI no longer pursuing safeguard duties on ceramic tile imports". BusinessWorld. December 7, 2019. Retrieved September 28, 2020.