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23.02.2006
Vetropack acquires Ukrainian glass plant
Vetropack – a Swiss based major producer of the European glass packaging industry, with production plants in Switzerland, Austria, the Czech Republic, Croatia and Slovakia – has acquired a majority stake in Gostomel Glass Factory near Kiev, Ukraine. By acquiring one of the leading Ukrainian glass packaging producers with a workforce of about 900 employees, Vetropack continues its strategy of geographical expansion in Eastern Europe.
Vetropack started expanding into Eastern Europe at the beginning of the nineties by acquiring glass packaging plants in the Czech Republic, Croatia and Slovakia. The acquisition of a 75% stake in Gostomel Glass Factory by Vetropack Austria Holding AG gives Vetropack access to an additional attractive market in Eastern Europe and represents a further milestone in its expansion strategy. With a present market volume of 2.4 billion units, domestic consumption growth in the Ukraine is well above the European average. By acquiring Gostomel Glass Factory Vetropack can further strengthen its position as a leading supplier of packaging glass in Eastern Europe. Particularly among the global beverage industry companies, which have increasingly focused in recent years on economic growth in Eastern Europe, this acquisition enables Vetropack to further strengthen its position as a key international supplier.
Gostomel Glass Factory produced last year 175'000 tonnes, which corresponds to 545 million units mainly for the domestic market. This is equivalent to about 15 percent of Vetropack Group output. About two thirds of Gostomel output comprises of beer bottles, the remainder being accounted for by vodka bottles and a rapidly growing demand of soft drink bottles. The company net sales for 2005 totalled CHF 56 million with a workforce of about 900 employees.
Due to its four furnaces and modern production facilities Gostomel enjoys a high efficiency and a good profitability. Two of the four furnaces were recently installed and represent state-of-the-art melting technology. It is planned to replace the two older furnaces over the next few years with a new energy-saving and environment-friendly unit. Gostomel is the only Glass Factory in the Ukraine producing glass bottles in all colours (white, green and brown), and the only plant with modern recycling facilities. The planned capacity increase and the utilization of Vetropack Group synergy potential will further consolidate and expand Gostomel’s position in the Ukraine.
The parties have agreed not to disclose the acquisition price.
Vetropack: Customized glass
The Vetropack Group, headquartered in Bülach near Zurich, is one of Europe's leading producers of packaging glass, with around 2400 employees per end of 2005. Production last year totalled 3.5 billion units from 900'000 tonnes of melted glass in the six existing plants, all of which are certified to ISO 9001/2000. Vetropack "customized glass" – including full services – covers a comprehensive range of glass packaging for the beverage and food industries. Vetropack will announce annual results for 2005 at the press conference on March 22, 2006 in Bülach.
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