May 10 (SeeNews) - Serbian glassmaker Srpska Fabrika Stakla (SFS) Paracin, owned by international group Vaider, said it started production of packaging glass from its new furnace in a test mode and aims to reach full-capacity output by the end of the year.
The investment in the new furnace amounts to 50 million euro ($53.9 million) and marks the first phase of a long-term investment cycle, valued at over 150 million euro in total, which will reposition Serbia on the international map as a significant producer of high-quality glass and glass packaging, SFS Paracin said in a press release on Thursday.
“We aim to strengthen and develop SFS into a key manufacturer of packaging glass in Serbia and Southeastern Europe, thus preparations are already underway for the next phase – the establishment of a completely new greenfield factory, which will increase the production capacities of high-quality packaging glass on a daily basis and create new jobs in Paracin in the coming years,” said SFS and Vaider Group general manager, Peter Cas.
Vaider Group, formerly Global Glass, completed the takeover of insolvent SFS Paracin for an undisclosed sum in October 2022 and committed to reviving the company.
The Serbian government said in December 2022 that Global Glass plans to invest over 300 million euro in SFS within six years.
($ = 0.9277 euro)