Press Glass have announced that they have secured new £227m bank financing (PLN1.2bn) in order to refinance debt, as well as build two new production plants, one in Lithuania and the other here in the UK.
Press Glass statement
This is their press release:
On June 9, 2021, the Press Glass Group obtained bank financing in the amount of approximately PLN 1.2 billion to refinance its current debt and finance further investments, i.e. the construction of two new production plants – in Lithuania and in the United Kingdom.
The consortium participating in the financing consists of four commercial banks: PKO BP S.A., BNP Paribas Bank Polska S.A., ING Bank Śląski S.A. and Santander Bank S.A. It is one of the largest transactions of this type on the market recently.
The new financing, obtained in large part for the further foreign development of the Group, will enable the creation of new, most modern, and automated plants of this type in Europe. The dynamic investment plan will allow the Group to maintain the title of the leader on the European market of window and facade glass.
You can read the original statement from Press Glass here: https://www.pressglass.com/press-glass-obtained-bank-financing/
The announcement from Press Glass that they are to build a production facility here in the UK follows similar announcements made by both Saint Gobain and Glass Futures. Both of them have recently announced their own investments in new UK glass production.
This is good news for glass production in this country. Up until recently, large glass production had been leaving this country rather than growing as companies sought to move bases to other parts of the world for a variety of reasons. Now, within the first of this year alone, we have had three major announcements from three different companies. This bodes well for the future of glass production in the UK.
Press Glass also confirm a new production plant is to be built in Lithuania. All of this comes against a backdrop of acute shortages and predictions of worse to come as high demand outstrips production capacity.
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