TQMP Glass Manufacturing Corp., a local company that acquired the subsidiary of Japan-based Asahi Glass Co. Ltd., said it will invest P5 billion to create new product lines and build a new glass plant under a three-year development program.
TQMP Glass president Paul Vincent Go said the company was bullish on creating value-added products with the additional investment as this would translate into higher turnover.
“We hope to satisfy the market with the new product lines. This time we want to manufacture figured glass, coated and colored glass products. This opportunity will also give the local glass industry an upper-hand on imports,” he said.
TQMP Glass recently acquired AGC Flat Glass Philippines Inc. from AGC Asahi Glass, making it the sole manufacturer of architectural glass, popularly known as flat glass, in the country.
Tokyo-based Asahi Glass is a world leader in glass manufacturing.
“When we go into coated glass, we can supply high-end glass to buildings and residences. We’ll not be captured in low-cost glass anymore. Not really low end but since the products have not really evolved, we’re stuck at producing clear and bronzed glass only,” Go said.
The company will continue to import value-added products particularly those that are not locally manufactured to supplement local production, he said.
Go said imports would continue to provide the perfect mix for the industry especially on specialized glass products.
He said the proposed new glass plant would produce new product lines at four times the capacity of the existing facility in Pasig City.
The company also beefed up distribution lines to be closer to clients through the Cebu and Davao logistics centers.
TQMP started negotiating with several banks to finance the construction of the new plant.
Go said he was optimistic the board would approve the proposed three-year expansion program.