The board of Taiwan Glass Industrial Corp. (Q.TGI) has approved plans to invest US$30 million in a new plant in China's Guangdong province, the glass maker said Friday.
Construction of the plant is expected to start in the second quarter and to be completed in the fourth quarter of this year, the firm said in a statement filed at the Taiwan Stock Exchange.
Annual production of float glass from the plant is expected to be 180,000 metric tons, the firm said.
The plant's operations are expected to increase the company's annual revenue by US$39.6 million and its annual profit by US$2.3 million, it said.
Taiwan Glass said it will use its own capital to fund the investment.