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Glaverbel invests US$ 45 million in Bor Glass Works

Belgian glass concern Glaverbel SA and various other major shareholders in the Bor Glass Works (Bor, Nizhny Novgorod), one of Russia“s leading producers of auto and construction glass, have invested …

Belgian glass concern Glaverbel SA and various other major shareholders in the Bor Glass Works (Bor, Nizhny Novgorod), one of Russia“s leading producers of auto and construction glass, have invested US$ 45 million in the works since the end of 1997. At a recent inauguration of a reconstructed polished glass production line, general director of the glass works, Valery Tarbeev, said that over US$ 20 million had been spent on reconstruction. A new glass baking furnace was constructed and the float-bath and annealing furnace were upgraded. New glass cutting equipment by German firm Granzenbach was installed. This enabled the glass works to increase production from 540 to 620 tonnes of glass per day. Equipment for cutting and packaging glass was upgraded in 1998-1999, Tarbeev said. The company also began developing the production of glass for foreign make automobiles. According to an agreement with Bor Glass Works signed in 1997, Glaverbel is to invest over US$ 65 million by 2002 in modernizing production at the works. In 2001-2002, the company plans to modernize production of triplex automobile glass and completely renew its equipment for its second polished glass production line. The company also plans to install a new foreign production line to make 800,000 triplex glass kits per annum, increasing auto glass production 100%-200%. Reconstructing the line will cost US$ 16 million, which has already been allocated by Glaverbel SA and other major shareholders. The modernized production line should be launched in the second quarter of 2002. Bor Glass Works has charter capital of 418.96 million rubles, split into 4,410,066 common shares with a par value of 95 rubles. Glaverbel owns 26.18%, the International Finance Corporation and the European Bank for Reconstruction and Development own 19.25% each, Alfa Capital owns 7.05%, Credit Suisse First Boston owns 6.32% and Finnish company Verinvest owns 6.17%.

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