Germany“s Preiss-Daimler Consulting and Switzerland“s Rovitex have set up a joint venture called Uzglazaiden fibreglass with Uzbek Onyx in Russia. The charter capital of the new joint venture amount…
Germany“s Preiss-Daimler Consulting and Switzerland“s Rovitex have set up a joint venture called Uzglazaiden fibreglass with Uzbek Onyx in Russia. The charter capital of the new joint venture amounts to about DM 6 million, with participation as follows: the Uzbek partners: 50%, Preiss-Daimler Consulting: 30% and Rovitex: 20%. According to the feasibility study for the project, total costs are estimated at DM 85.6 million. The venture will have a production capacity of 8,600 tonnes of fibreglass per annum. The project has a payback period of nine years and construction of the plant will take 17 months. It is planned that implementation of the project will begin at the end of 2000. However, according to a report, the construction schedule will depend on financial issues. Plans to finance the project using credits from German banks, as well as the possibility of offering government guarantees to these loans is currently being studied. Onyx is the only Uzbek producer to specialize in the production of special glass, in particular – artificial crystal with 24% lead content. About 50% of the joint venture“s produce will be exported, the report said. Preiss-Daimler Consulting has reportedly taken on responsibility for exporting the fibreglass from Uzbekistan. One of the main customers within the republic will be the Uzbek-Swiss-German joint venture Hobas-TAPO, which produces non-metallic centrifugal pipes for pipelines. Hobas-TAPO was set up by the state owned Chkalov Aviation Production Association in Tashkent (TAPO) – 50%, Swiss Hobas AG – 47.5% and German Wemex Handel GmbH – 2.5%.