Frigoglass, the world?s leading manufacturer and solutions provider of Ice Cold Merchandisers, with operations in 18 countries across four continents, is pleased to announce today the formation of a joint-venture in the Philippines with Unimagna Inc.
Unimagna is a leading producer of coolers in the Philippines, with a strong presence in the local beverage market since 1988. The joint venture will be owned 51% by Frigoglass and 49% by Unimagna and is expected to become EBT positive by 2010.
The initiative is driven by the expected strong demand in the region, with the Philippines representing one of the most significant markets for Coca-Cola in volume terms. In addition, it builds on a previous successful working relationship between Frigoglass and Unimagna and is expected to support the local beverage market demands for more sophisticated ICM solutions.
Petros Diamantides, Managing Director of Frigoglass, commented ?Today?s announcement is consistent with our long-term strategic priority of positioning in growth markets where our penetration is low and follows on from our recent entry into the Chinese and Turkish territories. Unimagna is a trusted, high quality local partner, and we are delighted that we will be able to share technologies, service knowledge and business practices to support the growth potential of this country. We are excited with this excellent opportunity in one of our priority markets, which will positively add to our long-term growth model?.