EGYPT - Sphinx Glass Announces the Commissioning of its Float Glass Factory
March 19, 2010

Citadel Capital, a private equity firm in the Middle East and Africa, announced the commissioning of its 220,000-square-meter Greenfield float glass factory. With a production capacity of 600 tons per day, the company says the US$200 million facility is one of Egypt's largest producers of float glass.

Sphinx Glass is 51 percent owned by GlassWorks, a platform company established by Citadel Capital and a group of co-investors to pursue opportunities in the glass manufacturing industry. The Dubai Group holds the remaining 49 percent.

The new factory, which broke ground in October 2008, is being licensed by PPG Industries. The contractor for the factory is Ianua S.p.A.

"We are very proud to have collaborated with the best in the industry in both contracting and technology. The plant will be manufacturing glass under a licensing agreement from PPG Industries," says Sphinx Glass chief executive officer Mohamed
Khattab.

Through the new facility, Sphinx Glass will supply the local market with float glass and export to the Middle East and Africa. In addition to clear float glass, Sphinx will be the first factory in Egypt and North Africa to produce colored and coated float glass. The factory's output will primarily be for applications in the construction and automotive industries.

"GlassWorks' investment in the Sphinx Glass plant reflects our belief in Egypt and the region's strong competitive advantages in the global glass industry," says Hisham El- Khazindar, managing director and co-founder of Citadel Capital. "With a large supply of high-quality raw materials, low energy and labor costs and a geographic location that easily supports exports, the country is perfectly suited to become an important manufacturer and exporter of both float and container glass."

Khattab will be leading an experienced management team and work force of top caliber technicians and glass manufacturing experts as the Sphinx plant gears up to become one of the region's largest glass producers and exporters.

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