New Asahi Glass owners to expand plant, new products.
By Bernie Cahiles-Magkilat
TQMP Glass Manufacturing Corp. has vowed to continue the manufacturing operation of its newly acquired AGC Flat Glass Philippines, Inc. (AGPH) in Pasig by going into more value-added glass products and expand into a new facility over the next three years.
The new owners of AGPH, a wholly-owned subsidiary of AGC Asahi Glass (AGC), a world-leading manufacturer of glass, chemicals and high-tech materials, said this as they gathered clients, dealers and employees for a thanksgiving party to mark the beginning of the company's full takeover of the formerly Japanese-owned and the country's only glass manufacturing plant in the country. In July last year, AGC announced its decision to sell all shares of its wholly owned subsidiary AGPH to Filipino-owned TQMP Glass Manufacturing Corp.
"We will revive the plant we have to be proud of this Filipino company. We are going to expand," said TQMP President Paul Vincent Go told reporters.
"We are going to invest to satisfy the local market so we will have an upperhand," he said.
Go, however, refused to divulge the amount of their investment saying it could run in the billions for this year alone, but these are still mostly under negotiation with the banks for financing.
The acquisition by TQMP is being funded by a combination of equity and debt financing from Asia United Bank (AUB).
At present, the glass manufacturing plant only produces clear and bronze colors, but with the additional lines, the plant's capacity will be expanded enabling it to produce more colored glass.
Most importantly, he said there will be no layoffs for its over 1,000 factory workers. Instead, he expects higher efficiency because workers have been given a drive to perform better.
"We are going to invest more so our people can keep their jobs and those retiring will think of staying instead. Laying off of workers is the last resort," said Go, who belongs to the fourth generation of the Go family.
The new owners will still continue importing other glass products like colored glass to complement what they cannot produce locally.
They will also expand distribution channels to be able to reach more customers.
The projection is that the company will be four times bigger than their current size in the next three years with a planned new plant.
Aside from glass trading, TQMP has other business interest such as beverages.
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|Title Annotation:||Business News|
|Date:||Jan 21, 2018|
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