New RMB 240 Million Venture For China Glass reported that the following a deal with British firm Pilkington PLC last week, China Glass Holdings Ltd. has entered into another venture worth RMB 240 million, this time with Shaanxi Blue Star.

China Glass, the nation’s largest listed flat-glass producer, will draw a bank loan of RMB 20 million to pay for a 25% stake in Xianyang Blue Star Coated Glass’ registered capital. Shaanxi Blue Star will pay RMB 60 million from internal resources for its 75% holding.

The joint venture would involve the setting up of a second float glass production line at Shaanxi Blue Star’s plant in Xi’an.

The announcement comes amid a need to take advantage of lower production costs, after China Glass made a first-half loss of RMB 27 million this year as compared to a RMB 22 million profit a year earlier.

Without providing exact figures, Executive Director Zhou Cheng said the new venture will benefit from fuel costs that are 33% cheaper using Xianyang Blue Star lines.

According to Zhou, profit from the venture, which will add 800 tons to the present 110,000 tons annual output of China Glass, should start to register by 2008.

Last week, China Glass agreed with Pilkington to set up a low-iron glass manufacturing venture costing RMB 337.3 million in Taicang, Jiangsu province. The two companies will each contribute RMB 67.46 million in cash as registered capital for a 50% stake in the venture.

Read the entire news on the source link below.

600450 New RMB 240 Million Venture For China Glass

See more news about:

Others also read

NorthGlass signed the high-end glass curtain wall orders of Zhengzhou Grand Theatre, Zhengzhou Citizen Activity Center and Zhengzhou Museum in China.
Here comes the year of the pig! On January 31 LandGlass held the new year party under the theme of “Fusion in 2019”, to review achievements in the past while looking into the future.
Pilkington has perfected its testing and rigour processes over many decades to ensure that its development of new products and technologies meets the highest possible standards.
Thanks to this product, building increases its value and health benefits from it.
NSG Group announced today that it has donated Spacia® vacuum glazing glass to the City of Ryugasaki, Ibaraki Prefecture as part of the company’s 100th anniversary.
The curtain walling system uses double-glazed units manufactured by Pilkington, incorporating Pilkington Suncool™ 60/31 T solar-control glass and Pilkington Optitherm™ S1 Plus, a low-emissivity product.

From industry

No. 160 Yichuan Rd.,
Jiaonan Shi
Qingdao Shi
Shandong Sheng, 266000

Add new comment