China Glass Holdings Limited and Stewart Engineers announced the completion of an acquisition through China Glass’s associated company of the equity interest previously owned by Stewart in the Orda Glass Complex, resulting in 100 percent ownership by the Chinese company. Over the past few months, relevant parties collectively worked together to execute a mutually agreed settlement that satisfied all parties.
CTIEC, a renowned company headquartered in China with expertise in the construction of glass and concrete manufacturing facilities, will lead the completion of the construction of the Orda Glass Complex. CTIEC expects to complete the construction and start the factory soon, so it will be fully operational later this year.
The Orda Glass Complex is located in Kyzylorda, Kazakhstan, and aims to be the most modern industrial float glass facility in the world using the latest float glass technology designed and supplied by Stewart. This facility will produce 600 metric tonnes per day of high quality architectural and automotive glass.
Andrew Stewart, President of Stewart Engineers, said, “With all parties mutually satisfied, Stewart is confident that Orda will be realized as the jewel of Kazakhstan. Looking to the future, Stewart will continue to support and assist the Orda project as needed and look forward to the possibility of working with China Glass and CTIEC on other projects.”
Guo Lyu, CEO of China Glass, commented, “Through this deal we expect to tap into the great potential of Kazakhstan’s glass industry. We thank Stewart for paving the way and moving to where we are today, and we welcome future opportunities of cooperation.”
Yerzhan Sagimbayev, Chairman of Management Board, Orda Glass, added, “Orda Glass is the first float glass facility in Kazakhstan, and as such has made trail-blazing efforts in this new territory, with help and support from all relevant parties. We are now well-positioned to move to a bright future.”