Malaya Glass Products, part of Fraser & Neave Group, has agreed conditionally to set up a new bottle factory in Thailand in a joint venture with Thai Asia Pacific Brewery. The venture is called Siam Malaya Glass (Thailand) & is held 70% by Malaya Glass; 20% by Thai Asia Pacific Brewery; & 10% by Siam Glass Industry Co. The new plant represents a $33M investment. It will be built on land in Saraburi Province & will supply containers mainly to Thai Asia Pacific Brewery, which produces Heineken & Tiger beer for local sale. Fraser & Neave's glass container operations division includes Malaya Glass; KL Glass; & plants in China & Vietnam. During 2003-4 financial year, the operations saw revenues dip 7.8% & pre-tax profits fell by more than half because of planned shutdowns of furnaces for rebuilding in Malaysia & Vietnam, & high fuel costs.
