The European Bank for Reconstructiona nd Development (EBRD) is to buy 40% of shares in Pokrovsky Glass Plant, which produces beer bottles in the Vologda region, Russia, announced Alexi Ivanishev, director of the plant's supervisory committee. The cost of the deal is estimated around US$8-10m. It is planned to use the revenue from the sale to develop production, which will allow the plant to reach capacity of up to 250m bottles/year by mid-2001. The plant currently has production capacity of 100m bottles/year. Ivanishev said the decision to sell the shares has already been made, and that the EBRD and plant management are currently working on the necessary documents. If the project goes according to plan, then the plant will begin construction and installation of new equipment at the beginning of this year.
