China Glass Holdings has taken ownership of the Orda float glass manufacturing facility in Kazakhstan.
It has completed an acquisition of the equity interest, which was previously owned by Stewart Engineers, in the complex, and now means the Chinese group has 100% ownership of the facility.
Relevant parties worked together over the past few months to complete a settlement that satisfied all parties.
The Orda Glass Complex located in Kyzylorda, Kazakhstan aims to be the most modern industrial float glass facility in the world using the latest float glass technology designed and supplied by Stewart. This facility will produce 600 metric tonnes per day of high quality architectural and automotive glass.
The construction of the Orda Glass complex will now be taken over by China Triumph International Engineering Company (CTIEC). It expects to complete the construction and startup the factory soon, so it will be fully operational later this year.
Andrew Stewart, President of Stewart Engineers, said, “With all parties mutually satisfied, Stewart is confident that Orda will be realised as the jewel of Kazakhstan.
"Looking to the future, Stewart will continue to support and assist the Orda project as needed and look forward to the possibility of working with China Glass and CTIEC on other projects.”
Guo Lyu, CEO, China Glass, said: “Through this deal we expect to tap into the great potential of Kazakhstan glass industry.
"We thank Stewart for paving the way and moving to where we are today, and we welcome future opportunities of cooperation.”
Yerzhan Sagimbayev, Chairman of Management Board, Orda Glass, said: “Orda Glass is the first float glass facility in Kazakhstan, and as such has made trail-blazing efforts in this new territory, with help and support from all relevant parties.
"We are now well-positioned to move to a bright future.”