Austrian company ATEK is planning to invest EUR 20 million in Yelizovo Glass Factory, says Director Alexander Muravyev.
He reminded, that the Austrian company had already invested over EUR 40 million in the joint venture.
The new investment project is expected to yield a profit of EUR 24 million per year. 50% of the produce manufactured within the framework of the project will be exported.
The factory makes EUR 30 million worth of goods a year, the director reported.
Yelizovo Glass Factory was founded in 1997 on the base of Oktyabr glass factory by the Canadian Consumers Packaging Inc., Belarusian Lada OMC Holding Company and Oktyabr glass factory. In June 2003, 65% of the shares that belonged to the Canadian enterprise were sold to the Austrian ATEC Company. Later the shares of other co-founders (35%) were bought out by the state.
Currently, the factory occupies around 1,000 people.