|Emirates Float Glass to set up 600 tonne per day float glass plant in the UAE|
|EFG's license agreement with PPG Industries will provide EFG with the process and product technology services, process assessment and product licensing rights while IANUA SPA has been awarded the lump sum turnkey contract to construct the plant in a 320,000 square meter plot of land under the construction agreement.
The agreement was signed by Khalid Kalban, Managing Director and CEO, Dubai Investments PJSC on behalf of EFG. William Klingensmith, Vice President - Flat Glass Division represented PPG Industries while Dr. Andrea Greinschgl, Technical Director represented IANUA SPA.
Kalban said, 'The selection of PPG Industries as the technology partner indicates the strong resolve on EFG's part to produce high quality products for its customers. The float glass line will start production in 2007 and within 2-3 years we plan to expand by setting up a number of related manufacturing facilities including additional float line, coating line and related products.'
Klingensmith expressing his complete confidence in EFG's success stated 'PPG will assure both short term and long term success of EFG through transfer of state-of-the art technology to produce a wide range of high end float glass products meeting highest quality standards as well as ongoing technical and marketing support'.
PPG Industries, founded in 1883, is a global supplier of glass, coatings, fibre glass and chemicals. The company has about 50 production facilities in the United States and about 108 worldwide, including subsidiaries, joint ventures and equity affiliates. PPG Industries registered an annual turnover of US$ 9.5 billion and US$ 684 million net profits in 2004.
Dr. Greinschgl expressed his happiness in being selected as the main contractor for Emirates Float Glass. He said that the PPG and IANUA team of engineers has already commenced the basic design activities. IANUA has been involved since 1975 in designing and building machinery and plants used in glass manufacturing process around the world.
Dubai Investments, the promoter of EFG, owns two major glass processing units in UAE and has announced its intentions to acquire a third plant in Saudi Arabia. These three facilities alone will account for more than 50 per cent of the output from EFG.
'The project is of strategic importance to the UAE's industrial development. We have selected this project in line with the objectives of our Government to focus on import substitution and export oriented projects that facilitate diversification of our industrial base,' Kalban concluded.
December 15th, 2005
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