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Sphinx starts commissioning at $200m glass plant

Cairo, March 7, 2010

Cairo-based Sphinx Glass, a leading float glass manufacturer in the region, said it has started commissioning at its EGP1.1 billion ($200.5 million) greenfield float glass factory.

Sphinx Glass is 51 per cent owned by GlassWorks, a platform company established by Citadel Capital and a group of co-investors to pursue opportunities in the glass manufacturing industry, while the Dubai Group holds the remaining 49 per cent.

Citadel Capital is a leading private equity firm in Middle East and Africa with $8.3 billion in investments under control.

As the most technologically advanced facility of its kind in Egypt, Sphinx Glass will supply the local market with high-quality float glass and export to the Middle East and Africa.

The new 220,000-sq m float glass factory, which broke ground in October 2008, is being licensed by PPG Industries, a leading global manufacturer of float glass. The contractor for the factory is Ianua, one of the world’s top contractors and service providers in the float glass industry.

“We are very proud to have collaborated with the best in the industry in both contracting and technology. The plant will be manufacturing glass under a licensing agreement from PPG Industries,” said Sphinx Glass chief executive officer Mohamed Khattab.

The factory, which has a production capacity of 600 tons per day is one of Egypt’s largest producers of float glass, he added.

In addition to clear float glass, Sphinx will be the first factory in Egypt and North Africa to produce colored and coated float glass. The factory’s output will primarily be for applications in the automotive and construction industries, said a top Citadel official.

“GlassWorks’ investment in the Sphinx Glass plant reflects our belief in Egypt and the region’s strong competitive advantages in the global glass industry,” said Hisham El-Khazindar, managing director and co-founder of Citadel Capital.

“With a large supply of high-quality raw materials, low energy and labor costs and a geographic location that easily supports exports, the country is perfectly suited to become an important manufacturer and exporter of both float and container glass,” he added.

Khattab will be leading an experienced management team and workforce of top caliber technicians and glass manufacturing experts as the Sphinx plant gears up to become one of the region’s largest glass producers and exporters.-TradeArabia News Service




Tags: Citadel | Sphinx Glass |

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