Greek refrigerator and container glass manufacturer Frigoglass plans to invest EUR 53 million (USD 69.3 million) in 2007, allocating most of the funds for expansion of its production outside Greece.
…
Greek refrigerator and container glass manufacturer Frigoglass plans to invest EUR 53 million (USD 69.3 million) in 2007, allocating most of the funds for expansion of its production outside Greece. The company, which makes fridges and glass containers mainly for the beverage industry, will boost its output capacity in Russia, Nigeria and India, and is preparing to start production in China. Through the investments, Frigoglass is aiming to support its mid- and long-term development, since the said markets are considered to be among the main driving forces behind the expected growth in the company“s financial results in 2007. Frigoglass will spend EUR 15 million (USD 19.6 million) to increase its glass container capacity in Nigeria and estimates it will need the same amount to open its new refrigerator production plant in China, which is currently under construction. The Greek company will also invest EUR 2.4 million (USD 3.1 million) to develop further its operations in India. The company forecast a 13% to 15% increase in earnings per share (EPS) for 2007, along with a 7.0% to 9.0% rise in turnover and a 9.0% to 11% growth in earnings before interest, tax, depreciation and amortisation (EBITDA).
