The idea for the Company was conceived in 1981, when Dr. (Engr.) Ajulu Uzodike decided to leave Raychem Corporation, a major international manufacturer of aircraft & military wires and accessories, to set up an indigenous firm to manufacture electrical cables and switchgear assemblies. Adtec Ltd, a venture capital and management firm, which was incorporated in 1978, started the two projects as separate divisions in 1982. CUTIX PLC was incorporated on November 4, 1982 as a Private Limited Company, manufacturing electric cables and wires.
By mid-1983 some friends and relations of the founder and foundation staff handling the projects were invited to invest in the projects initiated by Adtec Ltd. After the private placement, 18 founding shareholders emerged for Cutix Ltd, which took over the business of the cables division of Adtec Ltd. The start up capital was N400,000.00 Cutix Ltd had been incorporated earlier in 1982. Soon after the economy was liberalised in 1986, the company went to the capital market, through the Second Tier Security Market, to raise funds. The public issue, which made Cutix the first private company east of the Niger to be quoted on The Nigerian Stock Exchange, was concluded by late 1987 (August 12, 1987). After the public issue, the company became Cutix Plc. The amount of new capital raised by Cutix since inception to April 2013 stood at N440,330,511 from both the private and public bonuses. Through plough back of retained earnings into capital, the book value of her capital as at April 2013 stood at N598 million. The market value of the company was N1,286 million as at April 2013.
We started production with one extrusion line in 1984 and has been in continuous production with the capacity to produce various cable and wire products, and by 1985, we added a second line. By 1986, we added several wire-processing lines to achieve integration par with leading cable makers in Nigeria and elsewhere in the world. All machines were specified, installed and commissioned by members of Cutix staff which is 100% Nigerian as a deliberate policy. We also incorporated as much locally fabricated parts as we could without lowering overall quality and efficiency. Our belief in the value of integration was so strong that during the difficult days of import licensing, 1984 – 1986, the company used the bulk of the licenses obtained to buy machinery for forward and backward integration. In 1992 the company went a step ahead to become the first cable manufacturer to acquire a plastic compounding line. In 1999, the first machine built by staff of Cutix was successfully put in service. Within 2000 to 2007, with a view to expanding our product lines and capacity, Cutix had installed and commissioned a number of machines, which include LBTS, F13, F-Shaw, Armouring Line, and Cabling machine among others. The company believes in continual improvement and for the purposes of expansion, another factory site was developed opposite the present one, and was commissioned in April, 2014.
Cutix Plc started manufacturing at Nnewi in a 1,000m2 facility she rented from Adtec Limited. By 2009, we moved all our machinery to our own factory premises and head office at 17 Osita Onyejianya Street, Umuanuka, Otolo, Nnewi. Production now goes on at the new site, which has about 6,000m2 covered area while the head office complex stands adjacent to the production plant.
The new plant under construction covers an area of 5500m2. The company’s water borehole and 1,500KVA generators are in place to serve the company. The company has delivery trucks to serve the distributors spread across Nigeria. There are also sales offices of the company at Nnewi, Aba, Abuja, Kaduna, Lagos and Uyo.
Cutix Plc ensures that returns are distributed fairly to all shareholders. The company is managed in a way that maximises long-term shareholders value and takes into account the interest of all the stakeholders. Cutix Plc has operated with an all-Nigerian workforce since inception. The company’s corporate philosophy is such that encourages growth of staff from within and allows staff the opportunity for self-improvement while working. She was the first company in Nnewi to have a Condition of Service in place for her workers. Salary paid to her staff is based on the productivity of the company and she is generally respected for paying her staff very well. Salaries have always been paid promptly on the 25th or 26th day of every month.
We are socially responsive and responsible. We pay taxes to the government promptly. Between 1997 and 2012, we paid about N336 million as Corporate Income tax to the Federal Government. Apart from paying taxes and dividends, Cutix Plc has been pro-actively involved in various social projects. Some of the projects include: - maintenance of access roads to her factories; financial support to approved vigilante groups, educational institutions, motherless babies homes, community projects; educational assistance to the needy; heavily discounted sales of cables to churches; sole sponsorship of annual ENIC Tennis League tournaments; annual subvention to Nnewi Sports Club and provision of water from her factory borehole to neighbours etc. Her top officers also have been playing and continue to play leading roles in many community organizations.
Currently, Cutix Plc is developing a new power plant where power cable of all sizes in low voltage varieties of PVC, PE and XLPE will be produced. The plan to add a new power plant is to build up capacity for accommodation of increasing market demand. The plant has become fully operational since April 2014. Products that will be produced in this plant include the following;
|PVC/SWA/PVC (up 4 x 300mm2)||Underground installations for LV|
|XLPE/SWA/PVC( All sizes)||Underground installations for LV|
|XLPE/SWA/PE (All sizes)||Underground installations for LV|
|XLPE/CWB/SWA/PVC Control||Interference free Control signals|
|Above 100ACSR||Long span high tension transmission|
The project above is short term one while in the medium term, a project for low and medium voltage cables is in pipeline.
Quality is part of our culture and Cutix ensures that all products produced for the market are in compliance to standards. The company has a department called Quality Assurance Services whose functions are to monitor the production from raw materials to packaging of finished products. Quality control is embedded in every processes of manufacturing system and confirmed by complete test carried out at the lab prior to releasing of products to the store. To attest for this, the company has consistently won NIS award for all product categories since inception and also ISO 9001:2008 for her quality system.
To Power and illuminate the World.
To become one of the major three top players in the World producing electrical energy products/services.
Cutix Plc is committed to policies, procedures, regulations and code of practices to enable her provide healthy and safe operating conditions for all employees, visitors and the host community, as well as maintaining high standard of environmental protection.