Frigoglass Group completed recently an investment amounting to EURO 18 million, concerning the two glass factories in Nigeria, namely Guinea plant in Agbara, and Delta plant, in Ughelli.

In Guinea plant, the one of the furnaces has been rebuilt with subsequent result of the daily production capacity to be increased from 100 tons to 200 tons, a new automated production line was installed to take full advantage of the melted rebuilt and advanced quality equipment has been acquired to ensure conformity to international standards. The total cost of investment was approximately 15 mill. Euro.

In Delta plant, the biggest glass plant in West Africa, a partial rebuilt of one of the furnaces was made and the daily production increased by 40%. The respective cost amounted to three million Euro.

The consolidated pre-tax profit of Frigoglass Group for the first quarter of 2002, after minorities were increased by 21,6% compared the same period of last year, reaching 3,3 million euro. Respectively, consolidated net revenue increased by 8,3% reaching 69,3 million euro. The Nigeria division participates by 55% to the Group's profits and by 30% to the total group revenue.