Greece's Frigoglass to buy Dubai glass maker

Greece's Frigoglass (FRIr.AT), the world's biggest drink refrigerator equipment maker, agreed to buy an 80 percent stake in a glass bottle maker in the United Arab Emirates for $6.8 million, the group said on Tuesday.

Frigoglass said the acquisition of Dubai-based Jebel Ali would allow it to expand into a growing world glass container market valued at about $27 billion.

Frigoglass said it will also assume net debt of $23 million. It said the deal was expected to be financed through borrowing. (Reporting by Angeliki Koutantou; Editing by David Holmes)

600450 Greece's Frigoglass to buy Dubai glass maker
Date: 20 April 2011

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