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Frigoglass Expectations From Dubai Investment

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Frigoglass’s investment in Dubai took the market by surprise, as it differentiated from its “traditional” activities. However, the administration of Frigoglass expects much from the glass sector.  

Industry sources told Capital.gr that this is a promising activity, which not only meets the requirements of existing Frigoglass clientele, but also creates many synergies. This is because bottlers of Greek market have increasing needs in glass. 

Frigoglass has already experience from the glass production units which it owns in Nigeria, however it had been looking for the right opportunity to expand in Dubai. Jebel Ali Container Factory FZE has a production capacity of 300 tons, increasing Frigoglass’s total capacity by 1/3.

Jebel Ali is located in a free economic zone of Dubai, close to a port, enabling Frigoglass to develop an exporting plan to Europe and Asia, according to company’s administration.

Existing facilities in Nigeria provide only the coverage of local market’s needs and a minor part of exports, while the results in the country are considered more than satisfactory by the administration. The company aims to develop further its activity in Nigeria, investing €15m of total €38m for capex in the country. 

Frigoglass’s sales in glass industry increased by 12.7% to €82m, while earnings before interest, taxes, depreciation and amortization increased by 14%, at €25.3m. 

Regarding U.S. market, which Frigoglass entered in December 2009, the administration of the company expects that 2011 to see the first results of its investment in Universal Nolin.

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