A Bermuda-based company this week paved the way for it to rake in millions in revenue after it broke ground for a new $85 million manufacturing plant in Bahrain.

PVAXX Industries, a wholly owned subsidiary of PVAXX Limited which is incorporated on the Island, is now in the process of building a 86,700 square metre facility in the Middle East Kingdom of Bahrain for the production of shipping pallets.

In a statement released Sunday, the company said the pallets were to be manufactured from a patented composite material and that its Bahrain facility was to be the ?first of many?.

At full operational capacity, PVAXX said the Bahrain facility will generate annual revenues of approximately $600 million.

On hand for the ground breaking ceremony, to mark the building of the new facility, was Bahrain dignitary, His Highness Shaikh Abdullah Bin Hamad Al- Khalifa (at right in photo), Southern Governor and Head of the Public Commission for the Protection of Marine Resources, Environment and Wildlife.

Once completed, the PVAXX plant will reportedly employ more than 300 Bahrainis and was said to represent the first investment in the newly developed Port and Industrial Area at Hidd.

His Highness, Shaikh Abdullah, said at the ceremony: ?We welcome PVAXX and this new and exciting project to the Kingdom of Bahrain.

?This project marks an important milestone in the development of the Hidd port facility, which will see Bahrain join the ranks of the world?s largest ports. Further, coupled with the economic benefits and job creation opportunities this project will provide, it also serves to underscore the vast competitive advantages the Kingdom of Bahrain has to offer both local and international companies across a broad range of industry sectors.?

Chairman of PVAXX Limited John O?Doherty said: ?The establishment of this facility puts both PVAXX and the Kingdom of Bahrain on the map as major suppliers to the world?s vast pallet market. Leveraging the competitive advantages of the Kingdom of Bahrain and the Gulf region, we aim to introduce into the market a highly competitive and sought after product. Already, we have seen considerable interest from among the world?s largest pallet consumers. With the Kingdom of Bahrain as our flagship facility, we are rolling out further manufacturing facilities that are in close proximity to low-cost raw materials.?

PVAXX said it was also currently in discussions with American officials in Rhode Island regarding the construction of a similar facility that would use pulverised fuel ash, instead of, sand in combination with PE to manufacture pallets, which it cited as an in-demand product around the world.