September 3, 2013|Jim Destefani
- IAG Co. Ltd. announced plans to reopen the figured flat glass factory at Bhadaninagar (Jharkhand, India). Once considered Asia’s foremost glass producer, the facility closed downed some years ago because of losses. About 1,000 workers who have been unemployed for more than two years now are hopeful about a new beginning.
- Ruitai Materials Technology Co. Ltd. announced a drop in net profit in the first half of 2013. The company said disappointing sales of refractory products for the glass sector, caused by the depressed glass industry, coupled with lower capacity utilization, resulted in increased labor costs and depreciation and increased accounts receivable.
- The Ministry of Commerce of the People’s Republic of China (MOFCOM) have approved a transaction that allows Norwegian partners Hydro ASA and Orkla ASA to have 50/50 ownership of the planned Sapa venture. Approval marks the conclusion of the competition law assessment of the agreement, which is necessary for closure. The transaction has already been approved by the EU Commission, the U.S. Department of Justice, and relevant authorities in several other countries.