Zimbabwe's sole glass packaging manufacturer, Zimglass, is struggling to attract new investors amid declining demand for its products due to a shrinking market and competition from alternative materials such as plastic, an official said. Zimglass voluntarily applied for judicial management in June 2014 citing lack of capital, debt and mismanagement. In October 2014, commercial banks who are owed US$ 8.8m gave the company six months to find a suitable investor or face liquidation. They later decided to save the company after the judicial manager, Winsley Militala of Petwin Executor and Trust, told them that the company's assets were overvalued and would not have a good price at a forced sale. Its liabilities of US$ 32m far exceed its US$ 20.6m assets. General Manager Mike Ndudzo said that despite refurbishments made at the plant the uptake for its products was low. The company manufactures glass packaging for alcoholic and sparkling drinks, foods, liquor and pharmaceutical containers. Its major domestic customers include Delta Beverages, African Distillers, Mutare Bottle Co, Straitia Investments, Olivine Industries, Datlabs and E Snell & Co. "The main issue about Zimglass was that there was no longer a market uptake to sustain business since the market had moved to plastics and cans," Ndudzo said.
