Greece-based commercial refrigeration and glass producer Frigoglass plans to infuse 25 million to 30 million euros ($28.4 million to $34 million) in its Beta Glass Guinea facility in Agbara, Ogun state in Nigeria.
With the investment, the new facility will consist a new furnace which will replace an existing one, an additional production line, upgrades to existing production lines, as well as new inspection equipment to strengthen the capabilities.
Frigoglass noted that it will drive growth in its glass business as the new furnace will increase production by 35,000 tons per year and use of narrow neck press and blow technology, which will enable the production of lighter weight non-returnable glass bottles for the first time in West Africa.
The new furnace will create additional jobs and also shareholder value as it contributes positively to the development of the local community. The project is expected to become fully operational in 2020.