Rabat, Morocco (TMT)- Japanese company AGC Asahi Glass, world-leading glass solution provider and supplier of flat, automotive and display glass, chemicals, ceramics and other high-tech materials and components, said that it has reached an agreement with Moroccan glass manufacturer Induver Holding (Head Office: Morocco; Representative: Hakim Abdelmoumen), to set up a joint venture for manufacturing automotive glass in Morocco, mainly for operations aiming the European and North African markets.
“The new joint venture is expected to start commercial production in 2019 and provide customers in Europe and North Africa with high value-added products and services such as laminated glass and tempered glass (production capacity: approximately 1.10 million vehicles/year),” AGC said.
Speaking of the rationale behind its decision to set up a joint venture in Morocco, AGC said that “Morocco has been enjoying the highest economic growth in North Africa, reflecting its position in recent years as a production base for Europe,” including the fact that “Automakers in Europe have already decided or plan to set up operations in the country.”
“Automobile production in Europe exceeds 20 million units annually, and is forecast to continue growing at approximately two percent a year. Considering these factors, the AGC Group has decided to establish an automotive glass manufacturing company through a joint venture with Induver in Kenitra Province in the northern coastal area of Morocco,” AGC stressed.
It is worth reminding that the AGC Group employs some 50,000 people worldwide and generates annual sales of approximately 1.3 trillion Japanese yen through business in about 30 countries.
The Moroccan Times.