Iranian sanctions hit ailing glass maker

Date: 19 January 2012
Source: http://www.thenews.pl

Date: 19 January 2012

Struggling Inowroclaw-based glass maker Huta Irena said it will have to lay off 180 of its 200 employees at the end of January due to the EU’s sanctions against Iran.

The company exports 80 percent of its production to Iran.



The remaining 20 staff will be made redundant in February.



EU foreign ministers are set to discuss further sanctions and an oil embargo against Iran on January 23 in Brussels to increase pressure on the country to rethink its nuclear programme.



Representing the ailing firm, receiver Grzegorz Floryszak, told the daily Gazeta Wyborcza that the embargo as well as the weakening of the Iranian currency were the final nail in the company’s coffin.



Floryszak did not name the Iranian trade partner, saying only that it was a private company and had had contracts with its Polish partner for 13 or 14 years.



The company filed for bankruptcy in September 2010 and the receiver had tried unsuccessfully to sell the firm in February 2011 for 40 million zlotys.



It is reported that the current price being discussed is about 20 million zlotys, with firms from Warsaw, Radom and near Inowroclaw reportedly interested.(jh)
600450 Iranian sanctions hit ailing glass maker glassonweb.com

See more news about:

Others also read

MORE...

Construction Employment Declined in Most States in November as Anxiety Over Fiscal Cliff Causes Contractors to Hold Off on Hiring
Hawaii and Texas Top List of 20 States and D.C. Adding Construction Jobs Since November 2011 as Delaware and New York Trail; Vermont and Louisiana Led 19 States with One-Month Gain, D.
Wicona Curtain Walling for Glasgow Velodrome
The Emirates Arena and Sir Chris Hoy Velodrome have just been completed, creating a new world class sporting landmark for Scotland.
Turkish glass producer to expand operations at home and abroad with the help of EBRD loans
The EBRD is providing loans worth €110 million to Turkish glass manufacturer Trakya Cam A.Ş. that will expand its product range at home and in Bulgaria and also establish a presence on the Russian market, setting new standards in energy efficiency.
SAGE Electrochromics, Inc. Files Patent Infringement Lawsuit in U.S. District Court Against View, Inc.
SAGE Electrochromics, Inc., a world leader in the development and manufacture of dynamic glass, located in Faribault, Minn., today announced it has filed a lawsuit in U.S.
The American Scenario in The Glass Industry
The United States is honoring its role, to the best of its ability, as the world's locomotive, although despite the positive performance of the real estate market, America seems to be recovering slower than expected.
Naturalness. Living. Enjoyment. The Brau Beviale 2012
Verallia Deutschland was showcased at the BRAU BEVIALE in Nuremberg. The large, illuminated glass wall in Hall 4 promises: “Naturalness.

Add new comment