By Dipo Olowookere
A strategic partner to beverage brands throughout the world, Frigoglass, has announced planning to pump from €25 to €30 million (about N12.36 billion) into Nigeria-based Beta Glass Plc.
The fresh capital is mainly to expand the company’s furnace capacity at the Beta Glass Guinea plant, located in Agbara, Ogun State.
A statement issued by Frigoglass explained that the investment will increase capacity at the plant by 35,000 tons per year.
The money would be used to acquire a new furnace which will replace an existing one which has reached the end of its life, buy an additional production line, upgrade its existing production lines and also get new quality inspection equipment to strengthen the plant’s capabilities.
This strategic investment will drive continued growth in the company’s Glass business across the West African region, the firm said, adding that the new furnace, with an expected productive life of more than 12 years, demonstrates the commitment to both existing and new customers across West Africa.
Frigoglass said the plant will also pioneer the use of Narrow Neck Press and Blow (NNPB) technology, which will enable production of lighter weight non-returnable glass bottles for the first time in West Africa, stating that the project is expected to become fully operational in 2020.
Commenting on this development, the Chief Executive Officer of Frigoglass, Nikos Mamoulis, said, “This strategic initiative demonstrates our commitment to implement investments that will enable the
group’s future growth. It supports the growth of our international and regional beverage customers in the high growth potential West African region.”
Chairman of Beta Glass Plc, Abimbola Ogunbanjo, also said, “We continue to implement investments to better cater to the growing needs of our customers for glass packaging.
“This investment will significantly increase our annual capacity, allowing us to meet growing demand, not only in Nigeria, but in many countries across West Africa.” Darren Bennett-Voci, Glass Division Director of Frigoglass and Managing Director of Beta Glass Plc, commented that, “This new larger furnace secures the livelihoods of our existing employees in Agbara, and creates not only additional jobs but also shareholder value and contributes positively to the development of the local community.”
