July 29 -- Jushi Group, a subsidiary of China Fiberglass (600176), intends to invest $223 million to build a glass fiber direct-melt production line in Egypt over a 15-month period, reports Yicai.com, citing a company filing.

The production line, with annual production capacity of about 80,000 tons, is expected to generate sales revenue of 554 million yuan and profit of 202 million yuan per year.

Jushi Group will also spend $18 million to acquire an American company, Gibson Glass Fiber, in order to increase its market share in the U.S. and North American markets.