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A unit of British glass maker Pilkington Plc has offered to buy a majority share in the Egyptian Glass Co in a deal worth up to $33 million, Egypt's stock exchange said on Thursday.

British glassmaker Pilkington Plc said it plans to increase its Polish investment to $400 million from $300 million in the next two years to build a new factory.

British-based glass maker Pilkington Plc said that demand in its key north American building products unit had weakened, while sales had also fallen in the region for its automotive unit.

Asahi Glass Company (AGC) has announced an automotive glass recycling test initiative that begins next March and will lead to a full-scale program in 2004.

Nippon Sheet Glass, a large Japanese manufacturer, has increased its holding in Pilkington, the UK glass group, from 10 to 21 per cent over the past fortnight, but has ruled out mounting a full bid.

Shares in Pilkington PLC lost ground in weak midmorning trade, in the wake of a ratings downgrade from Goldman Sachs, which blamed a deteriorating earnings climate for their move, dealers said.