French glass giant Saint-Gobain plans to invest USD 120 million to upgrade Russia“s Steklovolokno plant, based in the city of Gus-Khrustalny in the Vladimir Region, the region“s deputy governor Vlad…
French glass giant Saint-Gobain plans to invest USD 120 million to upgrade Russia“s Steklovolokno plant, based in the city of Gus-Khrustalny in the Vladimir Region, the region“s deputy governor Vladimir Veretennikov told a news conference 10 February 2004. Saint Gobain recently took a controlling stake in the plant from Moscow-based Russkie Investory (Russian investors) and plans to launch new fiberglass production technology at the plant, Veretennikov said. The purchase deal is expected to be finalized in April 2004, following which Saint Gobain plans to sign an investment agreement with the regional administration, he said. In 2000-2003, Steklovolokno invested USD 15 million in upgrades, which allowed annual production capacities to increase three-fold to 30,000 tonnes. In 2003, the company produced 15,000 tonnes of fiberglass, up 100% on the year.