|Dh735m float glass plant contract inked|
Emirates Float Glass (EFG), a subsidiary of Dubai Investments PJSC, signed licence and construction agreements with two European companies for setting up a Dh735 million plant with a daily capacity to produce 600 tonnes of float glass.
Khalid Kalban, managing director and CEO, Dubai Investments, said EFG's licence agreement with PPG Industries would provide the Dubai-based company with the process and product technology services, process assessment and product licensing rights.
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. Upon completion, the plant, located at the Abu Dhabi Industrial City, will produce, 600 tonnes of premium quality float glass per day.
The agreement was signed by Khalid Kalban on behalf of EFG. William Klingensmith, vice president, Flat Glass Division, represented PPG Industries while Dr. Andrea Greinschgl, technical director, represented Ianua SPA.
"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," Kalban said after the signing.
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 $ 9.5 billion and $ 684 million net profits in 2004. Dr. Greinschgl expressed his happiness in being selected as the main contractor for Emirates Float Glass.
|December, 23rd, 2005|