Egypt: GlassRock Insulation Co. has started targeting exports of mineral wool to key markets in Europe, North Africa, the Gulf Cooperation Council countries and Turkey following the start of production at its US$70m Egyptian greenfield facility in May 2012. The company, part of a portfolio owned by Citadel Capital's regional mining platform ASCOM, will also begin production of glass wool insulation in September 2012.
"Our goal is to become a world-class provider of heat and noise insulation solutions," said GlassRock Insulation chief executive officer Bechir Dardour. "Energy-efficient building materials are the only option going forward in Egypt and around the world and we are delighted to be part of the solution to the creation of a greener, more environmentally-friendly future."
Construction of the US$70m greenfield GlassRock plant, located eqhalf-way between Cairo and Alexandria in the Sadat City Free Zone, began in 2010. The facility has created 260 direct jobs and operates with technology licensed from Italy's Tenova. When fully operational GlassRock's production capacity will be 30,000Mt/yr of mineral wool and 20,000Mt/yr of glass wool.
