BETAGLAS On Track To Complete $30m Capacity Expansion Investment In Nigerian In June 2020

Proshare

Friday, October 04, 2019 / 10:25 AM / NSE


Beta Glass announces today that the $30 million investment to expand its furnace capacity at its plant in Agbara, Ogun State is on schedule to be completed in June 2020.

When it becomes operational next year, the new furnace will increase the plant's annual capacity by 35,000 tons and pioneer use of the Narrow Neck Press and Blow (NNPB) Technology in West Africa, enabling Beta Glass to bring lighter weight, non-returnable glass bottles to market in Nigeria for the first time.

The new furnace will have a planned productive life of more than 12 years and will replace the existing furnace which will end its productive life by next year. The new furnace project also includes an additional production line, improvements to existing production lines including the latest quality inspection equipment which will further enhance operational efficiency.

The new furnace, which will be among the most advanced of its kind globally, will be instrumental to Beta Glass, strengthening its position as the leading supplier of glass bottles and complementary packaging products in West Africa.

Otunba Abimbola Ogunbanjo, Chairman of Beta Glass Plc, commented:

"The new furnace will enable us to leverage the latest technology and our technical expertise to make world-class glass packaging products in Nigeria, whilst promoting sustainability and improving our environmental footprint. This investment will enable growth and create long-term value for both our shareholders and society".

Darren Bennett-Voci, Managing Director of Beta Glass Plc, commented:

"We are delighted by the progress we have made so far on the expansion project. Our investment in this state-of-the art facility reaffirms our deep faith in Nigeria and the high growth potential of West Africa. The new furnace will significantly enhance our ability to meet the growing demand for glass bottles and jars in Nigeria and across West Africa, as well as create a number of new jobs, both direct and indirect. | would like to thank our stakeholders for the invaluable support since the inception of the project".


Proshare Nigeria Pvt. Ltd.


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