Armenian glass bottle and jar manufacturer Saranist has secured a USD 3.5 million loan from EBRD for capacity expansion and working capital requirements. The company will use the proceeds to build a new production unit and an energy efficient furnace that will cater to the demands of the local Armenian and Georgian markets, thus offering an alternative to expensive and imported glass-wares.
Saranist (www.saranist.com)
Founded in 1989, Saranist is one of the leading manufacturers of colored and clear glass containers in Armenia. Recently the company entered the bottled drinking water business and sells mineral and spring water under the brand names Sipan and Spring Mountain.
The company’s annual revenue is about USD 5 million and currently employs around 500 people.
20/09/2011
Central & Eastern Europe, Industrial Products &Services, Investment, Private Equity News