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GTS expertise secures £100 million funding for Middle East Glass

, Glass Technology Services

Expertise provided by UK research and development organisation Glass Technology Services (GTS) has helped secure a US$100 million finance package for Egypt’s 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. Its products are used by a variety of companies from beverage makers to pharmaceutical firms. This will help MEG expand its international footprint and to grow its 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 GTS.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 its due diligence. Glass Technology Services was 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 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 IFC felt confident providing a major financing package to the Middle East Glass Company." Chris Sorsby, Commercial Manager, Glass Technology Services, added: “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.”

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