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
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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