Italy firm in talks for float glass contract

Italy's Lanua Engineering is in final negotiations for the estimated $200 million lump-sum turnkey contract to build the proposed Emirates Float Glass plant in Abu Dhabi Industrial City in Mussafah, according to a recent report in the Middle East Economic Digest (Meed).

The plan for a glass facility, of about 200,000 square metres that will allow for the production of about 160,000 tonnes of architectural and automotive glass per year from sand and other raw materials, is a joint venture between Dubai Investments (DI) and Abu Dhabi Investment Company (ADIC).The new plant, to begin its operations by the end of 2006, will be fully equipped with a furnace, refiner, forming machine, cooling plate, cold end sprays, a packaging network among other requirements.For the task of equipping the plant, PPG Industries of the US has been awarded the contract.

With a paid-up capital of $100 million (Dh367 million), Emirates Float Glass is looking to attract more investors as DI is looking to decrease its stake in the venture to 26 per cent. Currently Ernst & Young and KPMG have dedicated a team to act as financial and legal consultants respectively, with an ongoing search for a project manager by September of this year.

600450 Italy firm in talks for float glass contract glassonweb.com
Date: 12 July 2005
Source: Khaleejtimes.com

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