Guardian acquires 34 percent Stake in Egyptian Flat Glass
Egyptian Kuwaiti Holding Company (EKHO) has signed a preliminarily agreement with Guardian Middle East and Africa, providing for the sale of a 34 percent stake in the Egyptian Flat Glass Company (EFGC). EKHO holds an 88 percent stake in EFGC.
In June 2002, Egypt’s Ministerial Committee for Privatization accepted EKHO’s offer to purchase 88 percent of EFGC for 271 million Egyptian Pounds ($58.6 million), following fierce competition with British bidder Pilkington International.
Headquartered in Michigan, the privately owned Guardian Industries Corporation is an international manufacturer of float glass and fabricated glass products for the commercial and residential construction industries, and one of the world’s largest producers of mirrors.
Guardian, its subsidiaries and affiliates employ 19,000 people and operate facilities throughout North America, Europe, South America, Asia, Africa and the Middle East. — (menareport.com)
© 2002 Mena Report (www.menareport.com)