PSP expands into the human resource development and comprehensive safety training services business, building on strengths from core business to enhance a sustainable growth path

P.S.P. Specialties Public Company Limited (PSP) is moving forward with 2025 core strategy to generate new growth from existing strengths (Specialized creation). The company has recently expanded into a new business line, evolving from a leader in comprehensive lubricant product solutions to a safety services business, by establishing Uplix Co., Ltd. in joint venture with an experienced service industry partner. With a registered capital of 20 million baht, the company aims to create “new revenue” in response to the growing industrial sector in the central and eastern regions, supported by an increase of more than 18% annually in BOI investment promotion applications over the past five years. The venture also addresses factory requirements to comply with increasingly stringent safety laws and regulations, offering three main services: safety, occupational health, and environmental training; supply and distribution of personal protective equipment and factory safety gear; and human resource development solutions (HRD Solutions). PSP is confident that this joint venture will leverage expertise into a future-focused business, targeting revenue of over 100 million baht within three years.

Mr. Sakesan Krongphanich, Deputy CEO of P.S.P. Specialties Public Company Limited (PSP), a leader in comprehensive lubricant product solutions, revealed that the company targets 15% revenue growth in 2025 through three core strategies: Sustained leadership, focusing on revenue growth by expanding into high-potential new customer markets while increasing the proportion of overseas revenue and domestic market expansion; Specialized creation, developing new products and services with sustainable and specific innovations that build on PSP’s expertise; and Synergized initiatives, creating new business opportunities through partnerships to strengthen competitiveness and expand the business base in all areas for sustainable growth. PSP also continues to operate under ESG principles across all organizational processes. Most recently, PSP established Uplix Co., Ltd., a joint venture, to generate new growth from existing strengths, aligning with one of this year’s key strategies.

Uplix Co., Ltd., the newest member of the PSP group, is a joint venture with a partner specializing in the service industry, with a registered capital of 20 million baht, of which PSP holds 70%. The new business offers three main services: 1) SHE Academy, providing training in safety, occupational health, and environment, covering areas such as firefighting, chemical management, and working in high-risk environments; 2) Safety Equipment, supplying and distributing personal protective equipment (PPE) and factory safety devices such as helmets, safety shoes, AED machines, and fire extinguishers; and 3) HRD Solutions, offering human resource development through upskilling and reskilling programs, along with initiatives to strengthen business resilience. All three services are strategically positioned to leverage PSP’s strengths in safety, occupational health, and environmental expertise within factories, combined with the capabilities of industry service partner to deliver integrated solutions and generate new revenue.

Mr. Sakesan added, “According to data from the Board of Investment (BOI), we see an industrial investment trend, particularly in the central and eastern regions, where the number of projects applying for BOI investment promotion has increased by an average of more than 18% per year over the past five years. In these two regions, there are more than 43,500 factories employing over 2.8 million people. This growth is reinforced by the government’s continued enforcement of stricter workplace safety laws and measures. For PSP, ‘safety’ has always been one of the company’s core values, built into experience and expertise in safety standards throughout more than 35 years of operations. With both personnel and partners well-prepared, PSP is ready to extend this expertise into the safety services business.”

In terms of human resource development solutions, PSP has identified growing demand driven by the Thailand 4.0 policy and the need for a workforce with new skills aligned with the BCG economic model. This joint venture represents a diversification strategy that will extend PSP’s expertise into a future-focused business, addressing the needs of industrial factories to enhance safety standards and develop personnel in line with megatrends and sustainability. Mr. Seksan stated that PSP aims for the new joint venture to generate over 100 million baht in revenue by 2028, with plans to initially provide services to PSP’s existing industrial factory customers as a value-added extension, while also expanding services to new factory clients, particularly in the central and eastern regions.

Dr. Tharntip Phunmetharit, Managing Director of Uplix Co., Ltd., stated that with extensive experience working with companies and industrial factories in Thailand, she has observed significant changes in the manufacturing sector as it faces multiple challenges. These include stricter legal requirements and safety standards, as well as the necessity to develop workforce capabilities to meet new technologies and the evolving demands of global industries. She emphasized that safety and human resource development businesses are becoming critical factors for the survival and growth of factories in Thailand.

“This joint venture establishing Uplix Co., Ltd. is not only an extension of PSP’s expertise but also a significant step in creating a new business that truly meets the needs of the industry. Our intention is to leverage accumulated experience and knowledge to support the enhancement of safety standards and workforce capability development, enabling Uplix to grow into a trusted partner for industrial factories. We are committed to driving this new business toward long-term success together with PSP,” Dr. Tharntip added.