Yerevan, December 19 /Mediamax/. The Hytex Plastic CJSC (Yerevan, Armenia) and the Сoca-Cola Bottlers Georgia LLC (Tbilisi, Georgia) signed a Memorandum on long-term cooperation in Tbilisi.

Mediamax reports that Chairman of the Director’s Board of the Hytex Plastic CJSC Levon Meliksetian stated at a news conference in Yerevan today that the reached agreement provides for setting a modern production of plastic bottles preforms by the Hytex Plastic Company on the territory of Georgia. The annual volume of the sales is planned to be $5mln at the initial stage.

The first stage of the agreement, including the reconstruction of the provided premises and the equipment of the factory with modern technology line, will be realized during the first 6 months of 2007 and will demand about $2mln investments from the Hytex Plastic CJSC. During the following years enlargement of the production is planned, and the whole volume of the investments will make $5mln.

Levon Meliksetian stressed that the given large-scale agreement was reached in half a year after the export of the Hytex Plastic production to the Georgian market. The decision on setting up a subsidiary company of the Hytex Plastic in Georgia and the construction of a factory was made, aiming at decreasing the prime cost of the production and the simplification of transport and customs schemes.

Besides, the Chairman of the Board of Directors of the Company stated, “the presence of an own factory in Georgia will allow us entering the markets of other states of the region as well”.

Today, the Hytex Plastic covers up to 30% of the demand of the Georgian market of plastic bottles preforms. After the construction of the factory in Tbilisi the share of the Armenian Company on the Georgian market will grow to 50%. According to the signed memorandum, by 2013, the Сoca Cola Bottlers will satisfy its demand of preforms at the expense of purchases of the Hytex Plastic production.

The Regional Director of the European Bank for Reconstruction and Development (EBRD) Michael Davey was present at the ceremony of signing the memorandum in Tbilisi. In January 2006, the EBRD purchased 30% shares of the Hytex Plastic and actively participated in reaching the agreement with the Сoca Cola Bottlers Georgia.

The Hytex Plastic CJSC was established in 1990, and has been producing plastic bottles preforms since 1997. The Company not only covers the demand of almost the whole Armenian market, being the supplier of the largest producers of bottled and aerated water and non-alcoholic beverages, but also occupies the leading positions in the South Caucasus region. During the latest 5 years, Hytex Plastic invested $4mln in the modernization of the production, due to which high technology lines have been installed in the factory.