German holding ALGATEC Technology Group plans to start construction in 2004 of a plant in Belarus to produce glass and metal facades. The plant will be located near the Belarus capital of Minsk, said …
German holding ALGATEC Technology Group plans to start construction in 2004 of a plant in Belarus to produce glass and metal facades. The plant will be located near the Belarus capital of Minsk, said the General Director of the holding, Reiner Ruschke on 1 April 2004. Under the project, a German-Belarusian joint venture will be set up in which Germany“s ALGATEC Technology Group will hold a 75% stake, ALGATEC Trading, 15%, Forum OST company, 5%, and international holding company Atlant-M, 5%. Germany“s Commerzbank is to grant a EUR 1 million loan for construction, Ruschke said. The construction project will take five years. The plant“s annual capacity is to be 40,000 square meters. It is expected that during the first two years of operation the plant will generate turnover of EUR 10 million per year and 60% of output will go for export.