Turkish glass concern Sisecam Fabrikalari A.S. has bought LLC Posuda, a glassware division of Russian JSC Borsk Glass (Nizhni Novgorod region). Sisecam plans to invest USD 11 million in its new asset …
Turkish glass concern Sisecam Fabrikalari A.S. has bought LLC Posuda, a glassware division of Russian JSC Borsk Glass (Nizhni Novgorod region). Sisecam plans to invest USD 11 million in its new asset and to launch the production of glassware under the Pasabahce tableware brand. The company already owns a plant in Georgia built with EBRD participation in 1998. According to Posuda General Manager Alexander Granek, upgrades at the plant will begin in February 2004 with the daily furnace output set to increase from 35 to 90 tons and the number of lines doubling from two to four. Plant output in 2004 is expected to be 54 million items of glassware, rising to 60 million items by 2005. Pasabahce has a 10% share of the Russian market worth some EUR 15 million per year and the company hopes to increase this to 25 – 30% in three years.