Chinese glass maker invests $312m

Hebei Xintai Jingniu Group of China recently signed a contract to invest $312 million in a glass manufacturing facility here.

Subic Bay Metropolitan Authority Chairman Feliciano Salonga and SBMA Administrator Armand Arreza and Hebei Jingniu president Wang Chang Lin signed a 50-year lease contract covering a 32-hectare industrial estate here, authorities said.

Arreza said Hebei’s project would create 3,000 jobs for residents of communities around the Freeport zone. Hebei will produce rolling crystallite glass and coated float glass for exports to Europe, Asia, the Americas and Africa.

Salonga welcomed Hebei investments, saying they indicated investors’ confidence on the Philippines and President Gloria Macapagal Arroyo.

“First, there was Korea’s Hanjin that will build a $1-billion shipbuilding facility and now we have Hebei of China,” he said.

Salonga said the entry of the glass manufacturing firm would strengthen trade relations between the Philippines and the People’s Republic of China.

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600450 Chinese glass maker invests $312m glassonweb.com
Date: 9 June 2006
Source: Manilastandardtoday.com

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