Frigoglass to Invest €30m in Beta Glass

  • Frigoglass to Invest €30m in Beta Glass

Frigoglass says it plans to invest about €25m to €30m in its Nigerian subsidiary, Beta Glass Plc.

It said on Wednesday that the money would be used to expand the furnace capacity at the Beta Glass Guinea Plant in Agbara, Ogun State, according to a statement.

The statement said the investment would increase the capacity at the plant by 35,000 tonnes per year and would include a new furnace that would replace the existing one, which had reached the end of its useful life.

It said an additional production line would be introduced while existing ones would be upgraded and new quality inspection equipment would be supplied to strengthen the plant’s capabilities.

The statement read in part, “The strategic investment will drive continued growth in the company’s glass business across the West Africa region.

“The new furnace, with an expected productive life of more than 12 years, demonstrates the commitment to both existing and new customers across West Africa.

“The plant will also pioneer the use of narrow neck press and blow technology, which will enable the production of lighter weight non-returnable glass bottles for the first time in West Africa. The project is expected to become fully operational in 2020.”

The Chief Executive Officer, Frigoglass, Nikas Mamoulis, said the initiative demonstrated the firm’s commitment to implement investments that would enable the group’s future growth and the growth of its international and regional customers.

The Chairman, Beta Glass, Abimbola Ogunbanjo, said the firm would continue to invest to better cater to the growing needs of its customers.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]; Tel: +2347065163489.

Be the first to comment on "Frigoglass to Invest €30m in Beta Glass"

Leave a comment

Your email address will not be published.


*