The Ukrainian company City One Development and the diversified investment corporation ITOXI Corp. (South Korea) have signed a memorandum of long-term cooperation, a partnership of a strategic nature aimed at developing glass production in Ukraine, the press service of City One Development toldInterfax-Ukraine.
“We are pleased that our efforts to attract a foreign partner from a friendly country have resulted in a real deal. This is only the first step on the long road to implementing our joint plans, and we are confident that our partnership will make an important contribution to the development of the Ukrainian economy,” said Valeriy Kodetsky, President of City One Development Group, as quoted in the press release.
It is specified that the memorandum, signed in April 2025 during the visit of the Korean delegation to Ukraine, stipulates that at the first stage of the project, two glass production plants will be built within the City of Glass (Berezan, Kyiv region) and Galicia (Kalush, Ivano-Frankivsk region) industrial parks. This project will be an important milestone for the introduction of modern technologies, creation of new jobs and strengthening Ukraine’s position as a high-quality glass producer.
“We are confident that our joint work will open up new horizons for investment and technological progress. Ukraine has great potential and we are proud to be part of this ambitious initiative. The signed memorandum is an important milestone that confirms our intention to invest in the development of the country’s glass industry. We are currently finalizing an agreement to acquire a stake in the project,” said Alex Cheon, CEO of ITOXI Corp.
City One Development started construction of the first float glass plant in Berezan at the beginning of the full-scale invasion in 2022. The plant’s capacity is to produce 600 tons of glass per day, and the project is estimated at $140 million. It is being implemented as part of the Misto Skla IP. At the end of 2024, the company began construction of a second plant within the Galicia IP.
The first plant is expected to be commissioned in 2027 and the second in 2028.
City One Development is an investment and development company with over 15 years of experience. The company specializes in the creation, implementation and management of large-scale infrastructure residential complexes and actively invests in the development of Ukrainian industry.
City One Development’s portfolio includes more than 1 million 150 thousand square meters of completed projects and 600 thousand square meters under construction.
The company’s residential projects in the capital include: “Novopecherski Lypky, Boulevard of Fountains, Svyatobor Park Resort, and The Light. Among the industrial projects are two float glass factories within the City of Glass and Galicia.
ITOXI Corp is a leading investment company operating in various segments, from computer games to medical equipment and the implementation of large infrastructure projects in the international arena. In November 2023, ITOXI UA was founded with an authorized capital of UAH 8.7 million. The founders are ITOXI Corp (51%) and Roman Hryhoryshyn (49%).
According to the website, ITOXI UA is a platform for commercial B2B cooperation that connects Ukrainian companies with Korean partners. Currently, it unites 214 partners in Ukraine and 62 in the Republic of Korea, with more than 17 projects in the works.
Projects for the construction of factories for the production of float glass products in the Zakarpattia and Kirovohrad regions for EUR195 million and $250 million, respectively, have been presented in Ukraine.
According to the presentation by Silverland Industrial Park, the project in the village of Klyucharki (Mukachevskiy district, Zakarpattia region) is estimated at EUR195 million, with 10% of the amount coming from the company’s own investments. The area of the land plot for construction is 19 hectares. The capacity of the production line will be 750 tons/day.
“Before the start of a full-scale war, the demand for glass in the Ukrainian market was 28-30 million square meters per year. Our company will be able to cover at least 50% of this demand. Independent production will reduce dependence on external suppliers, contribute to the post-war reconstruction of Ukraine In the future, there is an opportunity to enter the international export market,” Silverland representative Matvey Isichenko said at the International Investment Fair from UkraineInvest on Thursday.
The project implementation period is two years, the expected payback period is 4 years. The internal rate of return is estimated by the company’s analysts at 10%, the EBITDA margin is 31%.
According to Isichenko, there are no competitors in this area on the Ukrainian market, and the proximity of the enterprise to the western border will allow establishing cooperation with the nearest European countries and reducing logistics costs.
The implementation of the Genesis Engineering float glass plant project in the Kirovograd region is estimated at $250 million, while the company’s own investments will amount to $80 million. The area of land for the construction of the plant is 38 hectares.
“We are planning to build a plant in the central part of Ukraine, which gives us a good balance of access to high-quality raw materials and the target market, both domestic and export,” said Georgy Idiatullin, owner of Genesis Engineering.
The plant’s production capacity will be 510 tons/day, or 18 million square meters. m of glass per year. Products include clear glass 2-19 mm thick, with different finishes and shades. The production is planned to use equipment that will reduce emissions into the environment by 70%.
The implementation of the project will create 340 new jobs. The construction period is 3 years, the expected payback period of the project is 10 years. The internal rate of return is estimated by analysts at 11.28%, the EBITDA margin is 28%. According to the project implementation plan, in the first year of operation, the export income will be approximately $40 million.
Products will be certified according to European standards and export-oriented, Idiatullin said.
“There is a fairly large shortage of such products in the world, and the predicted growth of the world market is 8%, the European market is 6.5% annually. The volume of the world market today is $105 billion, the volume of the Ukrainian market for 2020 was $200 million and was completely dependent on imports “, – said the speaker during the presentation.
According to Opendatabot, Silverland IP LLC was established in May 2022. Among the founders are Andrey Isichenko and Alexander Popov (34% each), as well as Mikhail Lashin (32%).
Genesis Engineering LLC was established in 2014. Its owners are Georgy Idiatullin (50%), Konstantin Shcherban (33%) and Vladlena Kisilenko (16%).
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