Lagos – Frigoglass, which has terminated an
agreement with one of its partners in Africa, has pledged its commitment to the
local industry despite prevailing challenges.
The American firm said despite the negative trading
conditions, Nigeria remained a lucrative market.
“During 2015, the glass business delivered on its
business plan and successfully completed a furnace rebuild in Nigeria,
enhancing its efficiency and capacity,” Frigoglass stated on Monday.
The company is confident of retaining its status as a
leading glass packaging manufacturer in Nigeria, the most populous country in a
continent possessing attractive growth prospects.
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Meanwhile, Frigoglass has explained the termination of
its agreement with GZI Mauritius Limited.
The agreement signed less than a year ago but has been
ended after the Mauritian firm failed to secure debt financing for the
“Amended offers made by GZI were declined as not
reflecting the full value of the Glass business and therefore not being in the
best interest of Frigoglass and its stakeholders,” the company stated.
“Frigoglass’ Glass business retains its strong
local market position and technical excellence.”
- CAJ News