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In view of the strong growth trends in Middle Eastern markets, Saint-Gobain’s Flat Glass Sector has decided to expand its presence in the region with the construction of a float glass production line in Egypt. This facility is to be operated in a joint venture that has been founded with MMID (El Mansour and El Maghraby Investment and Development Co.), an Egyptian Group with activities including real estate and industry.
Output from the new facility will be sold on the Egyptian market and exported to the Middle East and Africa. The overall cost of the investment will be approximately €120 million (about $177 million). Construction is due to start in 2008 and production in 2009.
The float line will be built in Ain El Sokhna, located 120 kilometers east of Cairo and 40 kilometers south of Suez, along the Red Sea coast. This operation constitutes a further step in the Group’s growth strategy in emerging countries, where its Flat Glass Sector now generates some 35% of its turnover.
Visit www.saint-gobain.com for additional information.