Sisecam Says Joint Venture Partner Wants To Withdraw

According to a press report, Tirkiye Sise ve Cam Fabrikalara, the parent company of Turkish glass group Sisecam, said production at a newly opened glassware plant halted as discussions continued over buying out the stake of its former partner in the complex. The glassware factory was opened in June this year as a 50/50 joint venture between Pasabahce Cam Sanayi and Germany's Schott-Zwiesel Glasswerke AG. "Because of its own internal problems our foreign partner has informed us that it is limiting its investments and wants to withdraw from the joint-venture," Sisecam was reported to have said in a statement to the Istanbul Stock Exchange. Sisecam said it was in negotiations to buy the full glassware plant.