Beta Glass has acknowledged receipt of a $30 million investment to boost its furnace plant situated in Agbara, Ogun State. This was disclosed by the firm in a notification to the Nigerian Stock Exchange.
The firm also noted that the money would be utilized in its expansion plans scheduled for completion by June 2020.
Production capacity: The new investment received by the firm would increase the plant’s annual capacity by 35,000 tonnes as well as pioneer the use of the Narrow Neck Press and Blow (NNPB) Technology in West Africa, enabling the company to produce lightweight non-returnable glass bottles into the Nigeria market for the first time.
Beta Glass receives $30 million to boost capacity, schedules completion next year Improved lifespan: The new furnace will last beyond 12 years and is expected to replace the existing furnace that will stop being effective from next year.
The furnace also includes an additional production line as an improvement to the existing production lines. A latest quality inspection equipment has also been added to enhance furnace operational efficiency.
The new advanced furnace will help to reposition Beta Glass as a leading supplier of glass bottles and complementary packaging products in West Africa.
Chairman of Beta Glass Plc, Otunba Abimbola Ogunbanjo commented on the new development, stating that the new furnace would help in the production of world-class glass product in Nigeria.
“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,” Ogunbajo said.
Managing Director of Beta Glass Plc, Darren Bennett-Voci could not hide his excitement about the project, as he noted that the expansion would yield more jobs for the teeming youthful population.
“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.
I would like to thank our stakeholders for invaluable support since the inception of the project.” About Beta Glass Plc: Beta Glass Plc is engaged in manufacturing and selling of glassware.
The Company manufactures, distributes and sells glass bottles and containers for the soft drinks, wine and spirit, pharmaceutical and cosmetics companies.
The Company has manufacturing plants in Agbara, Ogun state and in Ughelli, Delta state. It exports its products to over 13 countries, including Angola, Benin, Burkina Faso, Cameroun, Gabon, Gambia, Ghana, Guinea, Liberia, Mauritius, Rwanda, Sierra Leone and Togo. The Company is a subsidiary of Frigoglass Industries Nigeria Limited.