Italy firm in talks for float glass contract

The plan for a glass facility, of about 200,000 square metres that will allow for the production of about 160,000 tonnes of architectural and automotive glass per year from sand and other raw materials, is a joint venture between Dubai Investments (DI) and Abu Dhabi Investment Company (ADIC).The new plant, to begin its operations by the end of 2006, will be fully equipped with a furnace, refiner, forming machine, cooling plate, cold end sprays, a packaging network among other requirements.For the task of equipping the plant, PPG Industries of the US has been awarded the contract.

With a paid-up capital of $100 million (Dh367 million), Emirates Float Glass is looking to attract more investors as DI is looking to decrease its stake in the venture to 26 per cent. Currently Ernst & Young and KPMG have dedicated a team to act as financial and legal consultants respectively, with an ongoing search for a project manager by September of this year.