This facility is to be operated in a joint-venture that has been founded with MMID (El Mansour and El Maghraby Investment and Development Company), a major Egyptian Group with activities including Real estate and Industry. The float line will be built in Ain El Sokhna, located 120 kilometers east of Cairo and 40 kilometers south of Suez, along the Red Sea coast.
Output from the new facility will be sold on the Egyptian market and also exported to the Middle East and Africa.
The overall cost of the investment will be approximately Euros 120 million. Construction is due to start in 2008 and production in 2009.
This operation constitutes a further step in the Group’s growth strategy in emerging countries, where its Flat Glass Sector now generates some 35% of its turnover.