Glaverbel is to become the first international flat glass manufacturer to invest in Russia. Through the intermediary of a consortium of investors, the Glaverbel Group has concluded an agreement with Russian investment company Alfa Capital with a view to holding 75% of the shares in Bor Glassworks, Russia's leading flat glass producer. The stakeholding will be achieved through the acquisition of existing shares and by a new share issue worth US$15m. Glaverbel is expected to have a shareholdership of 26% after the capital increase, representing an investment of around US20m. Other members of the consortium are expected to be the EBRD (European Bank for Reconstruction and Development), International Finance Corp, Alfa Capital and the management of the company being acquired.
