Turkish glass maker Şişecam will invest more than 4 billion Turkish liras ($474 million) in float glass lines, the company announced Monday.
The two float lines will make glass for the architecture and automotive sectors, Şişecam Chairman Ahmet Kırman told an opening ceremony for the factory's new production line in Polatli, Ankara, the country's capital.
Kırman said Şişecam's factory in Polatli now employs more than 300 workers, adding that the new float line, which will have a production capacity of 1,200 tons, will be one of the top five of its kind in the world.
He said the company has an investment plan of 6 billion Turkish liras ($711.3 million) through 2023, noting the firm's total investment in the last five years has been around 10 billion Turkish liras ($1.185 billion).
President Recep Tayyip Erdoğan, attending the opening ceremony, praised Şişecam's investments.
He said Şişecam is one of Turkey's most prestigious companies, as it manufactures glass in 14 countries spread out over four continents and exports products to over 150 countries.
Erdogan said Şişecam's latest 1 billion Turkish lira ($118.5 million) investment has carried the company's total capacity to 2 million tons, adding that the Polatli facility is the largest in Europe with 540,000 tons.
The president also stressed that the government has directed 124 million Turkish liras ($14.7 million) of resources to Şişecam's research and development work.
