| Thu 13 Dec 2001, 0:00 | | Avi Subsidiary, Consol Limited, Announces R200m Ne |
|
Anglovaal Industries Limited (Reg.No. 1944/017201/06)
("AVI")
Consol Limited
("Consol", "the Company")
AVI's packaging subsidiary Consol, is to invest R200m in new glass furnace
and ancillary equipment at its Wadeville factory in Germiston. The new
facility, to be commissioned early in 2003, will be financed from existing
cash resources and will increase Consol's capacity by 11%.
Consol is acting to affirm its position as the leading glass container
supplier in southern Africa. The Company accepts its responsibility to
provide the manufacturing capacity necessary to permit industry customers to
exploit all opportunities for expanding their own businesses using glass as
the premium-packaging medium. This investment will support industry growth
and provide for contingencies that could otherwise prejudice the business of
its customers.
The proposed furnace will utilise the latest international technologies with
the objective of achieving international standards for efficiency, quality
and environmental impact. The plant is being built at Consol's existing
Wadeville factory, thereby accessing the economies related to overhead and
scale available to all of the Consol Glass Division operations.
Angus Band, AVI Managing Director, commented:
"This significant investment holds exciting prospects for AVI. Not only
does it serve to emphasise the group's focus on enhancing shareholder value
but affirms AVI's commitment to the South African glass packaging industry,
its customers and all our valued staff."
Simon Crutchley, Consol Managing Director, commented:
"This investment forms part of a deliberate strategy for Consol to reinforce
its position as the number one glass packaging manufacturer in Africa and to
confirm its commitment to world class manufacturing for its customers."
Johannesburg, 13 December 2001
Enquiries:
AVI
Angus Band Tel: 011 779 2700
Rob Katzen, Financial Director
Consol Limited
Simon Crutchley Tel: 011 874 2228
College Hill Investor Relations
Julia Kerr Tel: 011 447 3030
Notes to Editors:
About AVI:
AVI is a South African based group focusing on the non-durable consumer
goods industry. Its key competencies are the marketing, processing,
manufacturing and distribution of food, cosmetics, glass and plastics
packaging and food ingredients. The AVI group comprises Consol, National
Brands and I&J. AVI is listed on the JSE Securities Exchange South Africa
in the Industrial - Food sector. For more information about AVI, please
visit the company's website at www.avi.co.za
About Consol:
Consol is the leading South African marketer and manufacturer of glass
containers and also produces plastic packaging products.
Consol Glass employs 1,700 people and supplies containers to its 500
customers in the wine, spirits, beverage, food, pharmaceutical and cosmetics
industries.
Consol Plastics employs 500 people and supplies a number of innovative
plastic packaging to niche markets.
For more information about Consol, please visit the company's website at
www.consol.co.za
-ENDS-
