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Dec 04, 2023 15:11 EEST
December 4 (SeeNews) - Serbian glassmaker Srpska Fabrika Stakla (SFS) said that its owner, Switzerland’s Vaider Group, will invest 100 million euro to increase its production capacity.
The first phase of the investment includes the construction of a new glass furnace with a capacity of 270 tonnes per day, which will be put into operation by spring 2024, SFS said in a press release last week.
The SFS factory has been operating at around a third of its capacity since March due to a damaged glass furnace.
The next phase, a greenfield investment project, includes the construction of a factory with four production lines, which will increase output capacity to approximately 500 tonnes of high-quality packaging glass per day in 2026.
“Both through further investments and the development of new knowledge and new jobs, we will actively contribute to increasing the added value and competitiveness of the local economy,” said SFS and Vaider Group general manager, Peter Cas.
The Serbian government said in December 2022 that Global Glass, as the company was known before it changed its name to Vaider Group in 2023, plans to invest over 300 million euro ($325.9 million) in SFS within six years.
Global Glass completed the takeover of insolvent SFS for an undisclosed sum in October 2022.
($ = 0.9204 euro)
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