Line of credit will double glass melting capacity of PRODUVISA

(June 1, 1992).- CAF today made available a US$4 million line of credit to the company Productos de Vidrio SA (PRODUVISA) of Venezuela to finance foreign trade operations.

PRODUVISA, located in Cagua (Aragua state), has produced glass containers, mostly for the soft drink and liquor industries and to a lesser extent for food, beer and others, since its foundation in 1917. Production capacity is 572 tons a day with a workforce of over 1,000 employees.

Under the agreement signed with CAF, the company will double its daily glass melting capacity (from 110 to 220 tons/day) and raise its total production to 785 tons/day.

The agreement provides finance for an operation to acquire machinery and equipment to repair and start up No:2 furnace, which will incorporate the latest technological advances from Owens Illinois. The furnace control system will be totally computerized and the new machines will be electronic. The result will be a product of optimal quality, which will supply both local demand and generate an exportable of offer.

The agreement was signed in CAF headquarters by CAF President & CEO Enrique García, and PRODIVISA finance manager Ricardo Mata Fernández.