Frigoglass opens its Chinese plant 10/10/2007
Frigoglass today announces the official opening of its plant in China, which will be marked tomorrow, 11th October, by an official ceremony.This facility has been constructed on time and on budget, in less than a year since obtaining its business licence. The speed at which this has happened is testament to the high level of commitment and skill base of Frigoglass contractors, employees and the Chinese representatives.
The plant, which has a capacity equivalent to 120,000 units per annum, is located inthe Guangzhou Economic and Trade Development District (GETDD), and represents the districts first Greek wholly owned foreign enterprise. The Company expects that the Capital Expenditure relating to the plant to amount to euro 15.3 million in 2006-7. The location was chosen, following a due diligence by the Company, owing to the extensive infrastructure, supplier base and the deep pool of talented employees that are located in this significant industrial region.
The opening ceremony is being hosted by Harry David, Chairman of the Frigoglass Board of Directors, whilst Muhtar Kent, President and Chief Operating Officer of The Coca-Cola Company will lead the proceedings and officially inaugurate the plant. The event which has the theme "Together we refresh China", will be attended by senior executives of the The Coca-Cola Company, representatives from the Chinese Coca-Cola bottlers as well as by high-ranking Chinese and Greek government officials and will include a full site visit and presentations.
The plant is a significant step for Frigoglass and is consistent with its long-termgrowth strategy. China is a high-potential economy, with relatively low beverage consumption per capita and ICM penetration rates. Frigoglass is well positioned to provide bespoke solutions for this unique market. Its tailor-made ICM solutions have been developed aiming at upgrading market aesthetics and providing cold-drink availability through innovative platforms whilst facilitating easy branding and flexible merchandising. Energy efficiency and cost optimisation were also key design considerations. In addition, the company has begun to provide merchandising training and field support through a service network with growing coverage.
Petros Diamantides, Managing Director, commented: "Today is a highly significant day for Frigoglass and Guangzhou. Our commitment to this region is driven by its potential, aided in a major part by the strong, positive partnership that we haveformed with the Chinese representatives. We view this investment as a major platform for our future growth and believe that this region will soon become a major contributor to the development of Frigoglass."
Lillian Phillips Investor Relations Tel: +30 210 6165757 E-mail: lphillips@frigoglass.com Greg Quine Financial Dynamics London Tell: +44 207 269 7206 E-mail: greg.quine@fd.com