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Russia: Avangard Bank backing projects to boost bottle output

Russian bank Avangard is funding glass container lines at three companies in 2004 and has allocated over USD 60 million for the purpose.
The most important project is construction of a USD 25 million…

Russian bank Avangard is funding glass container lines at three companies in 2004 and has allocated over USD 60 million for the purpose. The most important project is construction of a USD 25 million clear-bottle line in Sergiyev Posad (Moscow region) for the Assotsiatsiya Rossiiskoye Steklo (ARS; Russian Glass Association) company. The new line will produce 360 million bottles a year. Avangard is providing USD 20 million to the Astrakhansteklo company (Astrakhan, Caspian Sea), part of the Smirnoff holding company, for glass forming and other equipment from Germany, in order to produce 240 million bottles a year. The bank is also allocating another USD 20 million to the Seversteklo company at Tomsk (central Russia), for the purchase of a Czech Skolstroy line capable of producing 150 million beer bottles a year.

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