CPC acquires Sphinx Glass for $190mn
Aim to increase revenues to $63.2mn this year
Construction Products Holding Company (CPC), part of the Saudi Binladin Group, has acquired 100% shares of Egypt’s Sphinx Glass company for $190mn.
The aim is to increase its revenues to $63.2mn this year from $55mn registered in 2013. Sphinx Glass has a paid-up capital of $80mn.
Commenting on the complete ownership, the official spokesman of Construction Products Holding Company and Director of Business Development, Faysal Alaquil, said: "The acquisition of Sphinx Glass would support Sphinx's works in the next phase, both inside and outside Egypt.
“Sphinx Glass plans to establish an integrated industrial system in Egypt to meet the growing demand for float glass in local and export markets, through benefiting from the advantages of the advanced Egyptian glass industry, as well as the availability of high-quality raw materials and skilled labour. "
Meanwhile, Riad Kiwan, chief operating officer, added: "The Egyptian market is expecting a large constructional boom under the new government’s directives for building millions of residential units for low-and middle-income people, this is in addition to the major projects to be implemented by Arab and foreign capitals to offer more job opportunities for the Egyptians, which would create great demand for float glass, and here lies the importance of Sphinx glass factory, which will enable us to meet a large part of this demand, and also export to neighboring countries."
Sphinx Glass uses the latest glass industry technologies, have a strong administration and the appropriate infrastructure to establish a second production line to increase its production capacity, as well as to develop its exports to the nearby markets.
Sphinx Glass has a new factory with a production capacity of 600 tons. The plant was built by an Italian company on an area of 220,000m2 in Sadat City, north of Cairo. The plant uses PPG Industries' know-how, which specialised in providing advanced technical solutions for float glass industry.