Australia's Flat Glass Industries Ltd has acquired a half-share of land & buildings occupied by 50% subsidiary Burnbridge Glass Pty Ltd in Newcastle after exercising a AUD 1 option to convert a loan of AUD 750,000 into the half-share. The directors valued the property at AUD 2.8M. The company has started installation of a new glass tempering line at Burnbridge Glass & transferred a used CNC glass machining centre from its Moorebank factory to expand productive capacity. Flat Glass will purchase a 16,000 sq/m property at Dandenong in Melbourne for AUD 3.2M. The buildings on the site will be expanded & will operate as a branch of Alternative Glass Supplies. The cutting, tempering & double-glazing machinery for the site is being ordered & it is planned that this branch will be fully operational for the whole of the 2009 financial year. The company placed 3 million shares at AUD 1.50 per share in December 2007 to raise AUD 4.5 million.
