West African glass bottle producer Frigoglass has announced that it has reached an agreement to acquire 80% of the shareholding in Dubai-based Jebel Ali Container Glass Factory in a deal worth a reported US$ 6.8M. Jebel Ali, situated in Dubai's Free Zone, has been a competitive player in the Middle East container glass market since it began operations in 1997. Its plant is equipped with state-of-the-art machinery, has a capacity exceeding 360/tpd and employs 340 people. In 2010, the company achieved sales of US$ 41.6M. The transaction, together with additional working capital requirements, is expected to be financed through new debt. Nigeria-based Frigoglass runs 3 furnaces and has a daily capacity of more than 600/tpd, making it the largest manufacturer of glass bottles in West Africa for major beverage companies, as well as domestic, wine, pharmaceutical and cosmetics companies.
