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Glass firm upbeat at Nigeria prospects

01 March 2016, 19:28Okoro Chinedu

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.

Also read: Nigerian Shi'ites claim Buhari flouting due process

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 acquisition.

“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

Tags nigeria

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