Chinese China Glass Holding interested in Pancevo-based glass factory – Investments of EUR 200 mil announced

(Photo: pks.rs)

President of the Serbian Chamber of Commerce, Zeljko Sertic, talked with the management representatives of Fabrika stakla Panecvo (Glass factory Pancevo) in restructuring and Chinese corporation, China Glass Holding Limited, about intentions of the Chinese partners to expand their business operations in Serbia.

- Reindustrialization is the basic objective of Serbia which means that any initiative for starting the company operations which used to be big will be supported by the Chamber and the Government – Sertic said.

At the meeting at the Serbian Chamber of Commerce, representatives of the Chinese concern who have already discussed with Pancevo-based company’s management and visited the existing production departments and the mine, communicated their opinion on two development and investment stages. The first stage would comprise an investment of some EUR 100 mil, firstly in flat glass production and then glass for car industry at the new production line in line with the technology of the British Pilkington, which is one of the co-owners at China Glass Holding Limited. Top manager of the Chinese concern, Siangdung Cui, pointed out that thus Pancevo-based plant will become one of the most modern auto glass producers in Europe. Implementation of additional processing line for construction glass is planned in the first stage as well as hiring of 200-300 new people.

If the expected results are generated, Chinese partners would invest another EUR 100 m in technology for production of glass prisms, decorative crystal glass and solar panels glass. Cui mentioned that the concern got the support of the Association for glass and state-owned institutions to invest abroad, first of all in Asia, Africa, Latin America and now in SEE.

China Glass Holding Limited is second in size among 300 Chinese glass companies but it makes the top in technology, hiring some 6000 people and as of 2005 it has been listed in the Hong-Kong stock market.

- We operate in line with the internationally effective regulations and we will stick to your valid regulations here – Cui concluded.