Ondo government relaunches glass factory, signs memorandum of understanding with German company

Governor Rotimi Akeredolu of Ondo State denounced the importation of glass into the country despite the huge deposit of raw materials needed for production in the state.

Akeredolu who said this Thursday in his office as he received investors from Horn Glass Industries of Germany led by the Managing Director, Mr. Windshield and Mirror when the company was up and running

Akeredolu said there is no better company with which to synergize glass production than Horn Glass Industries, having been involved in founding Oluwa Glass about three decades ago.

He said: “You are involved in Oluwa Glass and you are the one who built it. I don’t think there is a better company than you to start a new, cutting edge glass business.

“The importation of glass into this country is unfortunate. Oluwa Glass was the supplier of Peugeot windshields and windows. But the government’s involvement in Oluwa Glass killed him.

“But today we have an equity stake. We are not going to stiffen up anyone interested in state development. Our participation will be minimal in order to make it effective.

Governor Akeredolu instructed investors to be time conscious, adding that time is of the essence, saying: “Time is of the essence. We are running against time. Please start now. Without a doubt, we are waiting. The State will be happy to find a glassworks after 35 years ”,

Horn Glass Industries CEO Mr. Stephan Meindl expressed the company’s desire to establish the glass factory with modern technology and unwavering commitment.

Ondo State Investment Promotion and Development Agency Secretary Emmanuel Omomowo, who explained the process and terms of the signed MoU, said Sunny State is endowed with Silica Sands, which contains the raw material necessary for the production of glass.

“We need to bring in wealthy investors to actually work with the state to develop our silica resource and the value of this investment is over 250 million euros and when converted into Naira it exceeds N162b.

“The state government in this project has a stake of over 20% while the investor, ZMP Industrial Ltd. owns 80% and ZMP Industrial Ltd. also works in conjunction with a renowned technical partner called Horn Glass Industries.

“That the technical partner, Horn Glass Industries was the one who built Oluwa Glass and now they’re coming now to build a new green glass factory and because it’s a joint venture and we have an SPV, Special Purpose Vehicle to drive it.

“This will create a lot of jobs, we can speak of an investment value worth more than 160 billion which reaches the State. It will also have other multiplier effects within the State, it will strengthen our economy, it will create jobs, develop our commercial income.

“It’s a lot that actually happens to the state. And going through their profiles, they have the technical expertise. This is why we are talking about a benchmark project that Oluwa Glass developed over 30 years ago and which will be built again with newer technology, with a better approach. So it’s a good deal for the state, ”he said.

However, the state government has signed a public-private partnership agreement with ZMP Industrial Limited for the establishment of a float glass factory with a capacity of 600 tons per day in Igbokoda, in the local government area of ​​D ‘Ilaje of the State.

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