[CONSOLIDATION_METHOD_TITLE] [CONSOLIDATION_METHOD]
Related Companies
[]
Related Funds
[]
English
oda_MaterialEventDisclosureGeneralAbstract|
Material Event Disclosure General
oda_UpdateAnnouncementFlag|
Update Notification Flag
Hayır (No)
oda_CorrectionAnnouncementFlag|
Correction Notification Flag
Hayır (No)
oda_DateOfThePreviousNotificationAboutTheSameSubject|
Date Of The Previous Notification About The Same Subject
-
oda_DelayedAnnouncementFlag|
Postponed Notification Flag
Hayır (No)
oda_AnnouncementContentSection|
Announcement Content
oda_ExplanationSection|
Explanations
oda_ExplanationTextBlock|

"Şişecam Glass Packaging, with its leader position in Turkish glass packaging market and with its growing volume of export, is the supplier of well-known global customers, including major beverage and food manufacturers.

In light of the positive trend in glass packaging demand in Turkey and the market dynamics pointing out to the continuation of the moderate demand increase in the European market, it has been decided to further strengthen Şişecam's Eskişehir Glass Packaging production base by adding a new 155K tons/year capacity-furnace,  which is currently operational with 4 furnaces. The new furnace investment, with an estimated cost of 84 million EUR including working Capital needs, is planned to be commissioned in 2023. Upon the completion of the 5th furnace in Eskişehir Plant, Şişecam's Turkey-based glass production capacity will increase to 1.5 million tons/year. Global glass packaging production capacity will reach to 3.2 million tons/year upon the completion of the greenfield investment in Hungary.

With the new furnace investment, Şişecam targets to increase cost efficiency with economies of scale, to meet the growing glass packaging demand in the markets in which it operates, as well as to further enlarge its client portfolio and to explore LTA opportunities."