NIGERIA – Beta Glass Plc, the Nigerian maker of glass bottles and containers for the beverage industry has announced that the $30 million investment to establishing a new furnace and upgrade existing production lines at its plant in Agbara, Ogun State is on schedule to be completed in June 2020.
Once fully operational 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.
It will also 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.
In addition to that the investment will also include an additional production line, 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 and will be instrumental to Beta Glass, strengthening its position as the leading supplier of glass bottles and complementary packaging products in West Africa reports Beverage Industry News.
Commenting on the development, Otunba Abimbola Ogunbanjo, Chairman of Beta Glass Plc, said: “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.”
Beta glass reported a 23% growth in net profit for the year ended December 2018.
The Nairobi stock exchange listed company posted net earnings of US$13.84 million during the financial year up from US$11.35 million recorded in the previous year.
The strong performance was attributed to growth sales which were up US$72.81 million from US$61.18 million in 2017 supported by reduced expenses across its selling and distribution channels.
This saw the revenues of the Nigeria Stock Exchange Listed firm increase by 19% while its operating profit jumped 35% to US$16.33 million in 2018 from US$12.18 million in the preceding year.
Beta Glass is a subsidiary of the Greek commercial refrigeration and glass manufacturer, Frigo glass.
