Turkish tableware manufacturer Pasabahce has completed the acquisition of the Pearl Glass Group for $50 million, according to sources in the Egyptian Ministry of Industry.
Pasabahçe intends to invest USD 100 million in the Egyptian market as soon as the acquisition deal is completed, said Minister of Trade and Industry Tarek Kabil.
He added that Pasabahce aims to develop the Egyptian glass company and start production in the next year.
The Turkish company’s new project will provide 1,200 jobs as soon as the new expansions are completed, alongside 650 existing jobs.
The company intends to export its products to markets including the USA, Latin America, Arab, African and Eastern European markets, benefiting from the free trade agreements signed between Egypt and those countries.
Recent gas discoveries in the Delta and the Mediterranean area provide all the needs of the national glass industry, meaning Egypt will achieve gas self-sufficiency in the next year.