Owens-Illinois recently signed an agreement to set up a joint venture with Shifa Group Co. Ltd in Tianjin, an industrial port in northern China, it has been reported.
The venture, to be named Aolian…
Owens-Illinois recently signed an agreement to set up a joint venture with Shifa Group Co. Ltd in Tianjin, an industrial port in northern China, it has been reported. The venture, to be named Aolian (Tianjin) Glass Co. Ltd, involves a total investment of USD 31 million and a registered capital of USD 10.5 million. Under the agreement, Shifa Group, affiliated to the Tianjin Yiqing Group, will hold 44.24% of the new company and Owens-Illinois the remainder. During the period of trial production, the venture will have an annual production of 90,000 tons of glass bottles. The aim is to increase output to 180,000 tons a year. Reportedly, Owens-Illinois will gradually shift its glass production from other Asian countries to the new venture in Tianjin. On completion of the project, Tianjin will become the largest production base for glass bottles, glass molds and glass machinery in China.