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September 10th, 2012

News from the glass and refractory worlds

Published on September 10th, 2012 | By: P. Carlo Ratto

• The Rs 1,900-crore Hindusthan National Glass & Industries Ltd‘s (HNG) expects its fully-owned German outfit, Agenda Glas (now renamed HNG Global) to break even this fiscal year. The Kolkata-headquartered container glass-maker acquired Agenda Glas for €40 million in 2011; HNG invested an additional €12 million to remove bottlenecks and improve operational efficiencies at the German unit. The existing plant has a 320-tonnes-per-day furnace; HNG might add one more furnace of similar capacity at the existing location at an expected cost of around €55 million.

• In a difficult economic environment, the Vetropack Group displayed slight growth and generated consolidated gross turnover of CHF 308.6 million ($326 million) during the first half of the current financial year, a 0.6 per cent increase year-on-year. After currency adjustments, however, the increase was a pleasing 4.5 per cent.

• Emirati, Saudi and Omani investors have announced a new joint venture to build a steel plant in Oman with a total capital of $400 million. The announcement of the joint venture—named Dhofar Steel—was made Sunday at the end of the Gulf Partnership and Investment Forum in Salalah, Oman. The shareholders include Al Suwaidi Group, Al Tuwairqi Group and Salalah Development Company. The plant will produce one million tons of steel a year and will provide 1,200 job opportunities to mainly Omani citizens.


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