Lebanese container glass manufacturer Soliver is set for closure.
It blamed a loss of market share, cheaper imports from other countries and increased energy costs for the forthcoming closure. Soliver pays more than $3 million a year to generate its own electricity.
Omar Kaddoura, Soliver General Manager, told www.businessnews.com.lb that the investment required to upgrade its equipment and machines would cost $30 million and now is the time to replace them.
It produces 140tonnes per day of container glass in a variety of colours and sizes. It employs 250 full time staff, who will each receive one months salary severance compensation for each year of service.
The factory is set to close this month.
Mr Kaddoura said the factory will not be sold for the time being and may re-open ‘if the situation improves’.