French government gives support to RDIF and CDC IC investment in Arc
The French government has given its support to an investment of up to EUR250 million in glassware manufacturer Arc by a consortium of investors led by the Russian Direct Investment Fund (RDIF) and CDC International Capital (CDC IC).
The deal terms envisage that RDIF and CDC IC will invest in the project on a parity basis. The proceeds will be used by Arc to implement its global investment program to accelerate its growth, including the modernisation of its facilities in France, expansion of its existing production facilities in Russia and construction of a new state-of-the-art glassware plant in Kaliningrad.
Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), says: "This transaction is an example of an effective cooperation in the financial and industrial sectors between the partners from Russia and France. We are grateful to Minister Macron for his support of the Russian-French investment platform in general and this transaction in particular. The construction of a new unique production complex in Kaliningrad, incorporating the most innovative technological solutions, will enable Arc to become the most efficient glassware producer in the world, supplying both Russian and European markets."
Laurent Vigier, CEO of CDC IC, says: "CDC IC and RDIF invest together in Arc for the development of the company in France, in Russia and abroad. Today's visit of the French Minister of Economy, Emmanuel Macron demonstrates the strong support of the government for our partnership and highlights its importance for the future of a French industrial leader."
Tim Gollin, Arc's president and CEO, says: "Last month, in addition to announcing we had started production of fine unleaded crystal glass in France, we launched 450 new products. We are delighted with the very positive customer reaction, and this investment with the strong support of both Russian and French governments will help us to build capacity and improve efficiency in all our plants so that we can continue to deliver great products at affordable prices to all of our customers and respond to the overwhelming market demand."