Expertise provided by Glass Technology Services has helped secure US$100million funding for the Middle East Glass Manufacturing Company.
Expertise provided for the World Bank Group by Sheffield-based research and development organisation Glass Technology Services has helped secure a US$100million finance package for the giant Middle East Glass Manufacturing Company (MEG).
The funding will allow MEG, one of the largest glass manufacturers in the Middle East and North Africa regions, to ramp up production of its containers, which are used by a variety of companies from beverage makers to pharmaceutical firms. This will help MEG expand its international footprint and continue to grow its annual exports.
It will also substantially reduce its energy consumption and greenhouse gas emissions.
The package has been provided by the International Finance Corporation, (IFC), a member of the World Bank, following technical consultancy services from Glass Technology Services. The IFC was looking to invest in MEG and needed to understand the company’s technical capabilities, market potential, and investment requirements, in depth in order to complete their due diligence.
The specialists at Glass Technology Services were asked to provide a full due diligence and technical review of the company’s glass container manufacturing in Egypt. The team also undertook a review of the market, how well the company’s products were selling, and the potential for export, and worked with the IFC team to review wider factors such as energy costs, export and import data, and the company’s strengths and weaknesses.
Dr Nick Kirk, Technical Director of Glass Technology Services, said: “We were delighted to undertake this project which was complex and rewarding – assisting a global enterprise with major expansion in the glass manufacturing industry and ensuring that the proposal was both financially and technically sound.
“Our team at Glass Technology Services has long experience in auditing glass manufacturing companies for their technical standards and their financial probity. This project had an excellent outcome in that, following our report, the International Finance Corporation felt confident providing a major financing package to the Middle East Glass Company. This is good news for the Company and for Egypt’s manufacturing sector, which is a major employer and, through exports, a key source to foreign currency.”
Chris Sorsby, Commercial Manager, Glass Technology Services, added: “This project is a great example of some of the work we are conducting globally. The team at Glass Technology Services has a wealth of knowledge and experience in corporate due diligence. We are able to assist from both a technical and market analysis perspective across a range of glass sectors.”