Nigerian bottle maker, Beta Glass Plc, has reiterated its commitment to ensuring the timely completion of an ongoing furnace capacity expansion at its Guinea plant in Agbara. The project, which is costing the company the sum of $30 million, is expected to be ready by June next year.
The company’s Chairman, Abimbola Ogunbanjo, disclosed this during a recent meeting he had in Abuja with the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo.
A statement issued to the Nigerian Stock Exchange, NSE, further disclosed that, “The new furnace would increase the plant’s production capacity by 35, 000 tons per annum and create additional employment opportunities.”
In addition, the company’s Chief Executive Officer, Darren Bennett-Voci, who was present during the meeting, added that the completed project would enable the company to meet Nigeria’s growing demand for glass bottles and jars. The company would also be able to export its finished products to other neighbouring African countries.
In the meantime, the company has claimed that it is the first to introduce the Narrow Neck Press & Blow (NNPB) technology in West African.
[READ MORE: Beta Glass receives $30 million to boost capacity, schedules completion next year]
In his reaction, the Minister commended the company for its industrial efforts, whilst assuring that the Federal Government would provide the necessary support when need be.
Note that Beta Glass Plc was incorporated in 1974 and listed on the NSE in 1986. Its business model entails the production and sale of glassware such as bottles for wine, soda, hard liquor, glass containers for cosmetics and pharmaceuticals.
The company is headquartered in Lagos but has production plants in the Agbara industrial hub of Ogun State, as well as Ughelli in Delta State.
Recently, the company has been facing competition posed by the growing use of plastic bottle in the packaging of soft drink. As you may well know, many of the players in the beverage industry have, over time, refocused their packaging strategy due to the growing preference for plastic bottles as against regular bottles. What this means, therefore, is that Beta Glass Plc must compete with pet bottle manufacturers such as Geeta Plastic Products Limited, Poly Products Nigeria Limited, and others. This is in addition to competing with other smaller bottle makers such as Glass Force Limited.
In other to cope and be on higher edge over the plastic industries let the company include production of glassware for food.