SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15b-16
of the Securities Exchange Act of 1934
June 24, 2004
Commission File Number 1-12752
Glassworks of Chile
(Translation of registrant's name into English)
Hendaya 60
Las Condes
Santiago, Chile
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F /X/ Form 40-F / /
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes / / No /X/
CRISTALERIAS DE CHILE (THE "COMPANY")
REPORT ON FORM 6-K
TABLE OF CONTENTS
1. A free English translation of a press release dated June 23, 2004.
CRISTALCHILE
[GRAPHIC OMITTED]
NYSE: CGW
Santiago: CRISTALES
www.cristatchile.com
CONTACT IN SANTIAGO:
Ricardo Dunner
Head of Investor Relations
PH: (562) 787-8855
FAX: (562) 787-8800
EMAIL: ir@christalchile.cl
FOR IMMEDIATE RELEASE
CRISTALERIAS DE CHILE ANNOUNCES
US$210 MM INVESTMENT IN NEW GLASS PLANT TO DUPLICATE
GLASS PACKAGING PRODUCTICON
Santiago, Chile (June 23, 2004) -- Cristalerias de Chile S.A., a Chilean
conglomerate and the largest producer of glass containers in Chile, today
announced the following:
Over the next decade, Cristalerias de Chile will invest US$210 MM in line with
a development plan that will allow the Company to duplicate its glass
packaging production capacity --going from 300,000 to 600,000 annual tons- and
adequately satisfy its customers' growing demand.
The initiative was approved unanimously by the Company's Board, and
contemplates its materialization in successive stages according to market
demand.
The first stage considers construction of a new glass plant, equipped with
four production lines and a furnace with capacity of 360 tpd, which will
increase current production capacity by 35%. This stage implies an approximate
US$110 MM investment, that will be financed with a combination of internal
resources and credits. Start-up of operations is scheduled for year 2006.
Following expansion stages imply adding seven production lines and two
additional furnaces with production capacities over 400 tpd.
It is worth mentioning that in line with Cristalerias cle Chile's avant-garde
technological policy; plant, production lines and furnaces will have the
highest sophistication systems regarding production and quality control, that
will allow an important productvity increase as well as efficiently satisfy
customers' growing requirements.
The development plan is comprised by the Company's will to anticipate
customers' growth and which has resulted in permanent expansion of its
productive processes. In the 1992-2003 period the Company materialized an
ambitious investment plan that implied investments of US$150 MM, that resulted
in increasing capacity from 75,000 to 300,000 annual tons and at the same time
having the most modern plant in Latin America.
In addition to Cristalerias' operations in Chile, the Company invested in 1999
together with French multinational Saint Gobain Embalage in Rayen Cura.
Located in Mendoza, Rayen Cura is one of the main companies of the Argentine
glass packaging industry and in the 1999-2003 period increased its capacity
from 40,000 to 145,000 annual tons.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized in the city of Santiago, Chile.
Glassworks of Chile
(Registrant)
By: /s/ Benito Bustamante C.
------------------------
Benito Bustamante C.
Controller
Date: June 24, 2004