French glass-maker Saint-Gobain has announced that it is to invest in building a new factory for glass containers in north-eastern Spain, involving an initial investment of around FF 360 million. Sain…
French glass-maker Saint-Gobain has announced that it is to invest in building a new factory for glass containers in north-eastern Spain, involving an initial investment of around FF 360 million. Saint-Gobain has also stated that it might raise its stake in Essilor, which makes opthalmic products, including glasses and contact lenses, but has no plans to exceed a third of the shares that would force it to make a formal takeover offer. Saint-Gobain controls 21.07% of the capital of Essilor, and about 26.5% of the voting rights. The French group also has 29.8% of Valoptec, the second biggest shareholder in Essilor after Saint-Gobain. Furthermore, Saint-Gobain has established a joint venture company with British Gypsum to manufacture and supply glass wool insulation. Under the agreement, British Gypsum“s glass wool factory in Runcorn, UK, will be refurbished to take advantage of Saint-Gobain“s Telstar process. This process allows British Gypsum plant to produce glass wool insulation with a lower density, but equivalent thermal performance to its existing products, said joint venture managing director Paul Withers. A full range of Saint-Gobain“s industrial insulation products will be imported through the joint venture company. In keeping with its expansion plans in the UK and Ireland, Saint Gobain has taken a 50% stake in the Tipperary-based subsidiary of BPB Industries, Moy Insulation. The investment is part of a UK 15 million investment by Saint Gobain in BPB“s glass fibre insulation activities in Britain and Ireland, and it is understood that Moy accounts for about UK 4 million of that consideration. Moy currently employs 70 people at its factory in Ardfinnan, Ireland. Mr. Brian Dolan, finance director of Moy“s immediate parent company, Gypsum Industries, said the investment by Saint-Gobain was likely to be positive for employment in the medium term. “There will certainly be no job reductions,” he added. Gypsum Industries managing director Mr. Plev Ellis will become managing director of the new joint venture company, which will be known as Moy Isovor. Mr Ellis said “Saint-Gobain Isovor can now provide leading-edge technology to further enhance product quality and extend the product range.