Ebrd To Invest In Sitall With Saint-Gobain

The European Bank of Reconstruction and Development board has approved US$ 2.2M of investments to upgrade the facilities of container glass manufacturer OJSC Sitall at Roslavl in the Smolensk region of Russia. The plant produces clear glass bottles for vodka and soft drinks including Coca-Cola and Fanta, as well as wide-neck bottles for ketchup. The bank plans to invest the funds jointly with Saint Gobain Desjonqueres. The funds will be transferred to the charter capital of Saint Gobain Sitall, a newly established company to hold most of the Sitall shares. Estimated at US$ 30.8M, the project calls for the upgrading and expansion of the plant facilities. The plant is able to produce 330M conventional bottles per annum.