Soliver, a manufacturer of glass containers, will reopen its factory in Bchamoun in mid-2018.
The company took the decision to shut down its factory last February, and dismissed 250 employees after compensating them. The reason behind the closure, according to Omar Kaddoura, General Manager of Soliver, was because the company was losing its market share, due to the high cost of electricity, especially as the glass industry requires large amounts of energy. Soliver pays more than $3 million annually to generate its own electricity.
According to Omar Kaddoura, the same glass products are imported to the market from Egypt and the Gulf at lower prices.
Izzat Kaddoura, Chairman, said: “The Ministries of Economy and Trade, and Industry encouraged us to reopen after promising us that they will work on imposing a ten to 15 percent custom fee on the imported glass to protect the industry,” he said.
The project includes a $32 million investment to upgrade the machines.
Soliver's production capacity is 70,000 tons of glass containers per year. Production of colored (green and brown) glass is around 10,000 tons per year. It provides its products to 15 local manufacturers such as Interbrand, Pepsi, and Kassatly Chtaura, among others.
The company will create around 350 new full time jobs.
The Kaddoura family owns several factories in Africa. It opened its local factory in 1957.
Businessnews.com.lb
November 28
