Nigerian ice block making machine manufacturer, Austin Laz and Co. Ltd., has announced that it will invest N500 million (US$3.5 million) to expand its business during 2009.

In an interview with Business Day, managing director, Austin Lazarus Asimonye said the amount would be spent on procuring new machines, the development of new product lines, staff training, and research and development.

According to Asimonye, the company exceeded its target turnover with 30% during 2008 due to a boom in the ice block making business.

The managing director identified Nigeria's poor power supply as Austin Laz's main challenge with the Power Holding Company of Nigeria only able to supply 10-15% of the company's electricity needs.

Austin Laz has its head office in Benin City, Edo State with a number of branches throughout the country.