U.S. can maker Ball Corporation plans investing more $60mn in Egypt

U.S. drink can maker Ball Corporation studies pumping new investments worth US$60 million into the Egyptian market during the coming period, Egyptian trade and industry minister stated Monday.

Tarek Qabil said that the American firm plans to dedicate those investments for establishing third production line besides its current two lines whose investments are estimated at around 840 million pounds. The capacity of company’s current two lines are estimated at around 1.7 billion cans per year.

The company exports 35 percent of its production to a number of external markets, the minister clarified.

He made these during his meeting with a mission from Ball Corporation in which both sides reviewed company’s projects in the Egyptian market in addition to its future expansions for the upcoming period.

Qabil noted that the ministry exerts efforts to enhance and encourage productive projects in the Egyptian market through improving investment climate and removing all problems facing such projects in coordination with different ministries and governmental entities.

On other side, Regional Director of Ball Corporation in the Middle East and Africa regions, clarified that Egypt is the gate for Ball Corporation to enter European and African markets.

By working in the Egyptian markets, Ball Corporation enjoys a number of competitiveness privileges notably the qualified labour, prominent logistic location and the large local market, the official clarified.

In July,  Ball Corporation has announced the completion of its acquisition of its British rival Rexam PLC for approximately US$6.1 billion of cash and equity.