ECONOMY

Greece?s Frigoglass buys Dubai?s Jebel Ali for $6.8 mln

Greece’s Frigoglass, the world’s biggest drink refrigerator equipment maker, agreed to buy an 80 percent stake in a glass bottle maker in the United Arab Emirates for $6.8 million (4.7 million euros), the Greek company said on Tuesday.

Frigoglass said the acquisition of Dubai-based Jebel Ali would allow it to expand into a growing world glass container market valued at about $27 billion.

“We believe that Jebel Ali Glass offers a very attractive fit in terms of its strong technical expertise, long-standing customer relationships and attractive market presence, which will drive the continued growth of Frigoglass Glass Operations,? Petros Diamantides, Frigoglass managing director, said in a statement.

?Through this deal, Frigoglass will be able to increase the geographic reach of its Glass business to Europe as well as to fast growth markets such as East and South Africa and Asia, where demand for glass containers has consistently outstripped supply in recent years.»

Frigoglass said it will also assume net debt of $23 million. It said the deal was expected to be financed through borrowing.