In a bid to further boost its global expansion targets, Turkish glass manufacturer Şişecam is establishing a glass packaging factory in Hungary with an investment of 255 million euros ($310 million).

The facility with two furnaces will have an annual net production capacity of 330,000 tons, according to a statement sent to Turkey's Public Disclosure Platform (KAP) Monday.

The first furnace will start operating in 2023, and the facility will reach full capacity by 2025.

Chairperson Ahmet Kırman said Europe offers great opportunities for rapid development of the glass manufacturing industry and their company.

"The investment will meet the increasing glass packaging demand in Hungary and (other countries) in Europe," he said.

He added that Şişecam has 10 production facilities in four countries, with an annual production capacity of 2.6 million tons.

Kırman said Şişecam continued its investments despite the coronavirus pandemic, and the company's flat glass production capacity in Turkey surpassed 2 million tons.

"We plan to boost flat glass production capacity in Turkey by 25% to over 2.5 million tons by the end of 2024," he added.

Founded in 1935, Şişecam operates in the areas of flat glass, glassware, glass packaging and chemicals, with nearly 22,000 employees in 43 plants across 14 countries. It sells its products in over 150 countries.