Recent press releases by the European Bank for Reconstruction and Development state that the company is currently assessing the possibility to extend a US$ 12-million loan for the initial stage of the…
Recent press releases by the European Bank for Reconstruction and Development state that the company is currently assessing the possibility to extend a US$ 12-million loan for the initial stage of the modernization of the Hostomel Glass Plant (Kyiv Oblast) in Ukraine. Total project cost is US$ 16 million. The implementation of Phase 1 of the company“s long term strategic business plan consists of refurbishment of a glass furnace; replacement of glass forming machines; installation of quality control equipment and implementation of international operating and management standards, e.g., certification of ISO 9000. EBRD says that the project will demonstrate that long-term financing is available in Ukraine to companies that are committed to improving and adopting international standards and will help meet the potential threat from foreign competition. This will enable local glass container producers to meet a large proportion of the anticipated increase in demand from the food and drink manufacturers. Gostomel Glass Factory (GGF) is the largest producer of glass packaging for the food and beverage sector in Ukraine and one of the largest in the CIS. GGF is the only glass container manufacturer in Ukraine to have ISO 9001 certification for the quality assurance system of its products.