Swedish glassmaker to close Orrefors facility

Date: 5 October 2012
Source: www.thelocal.se

Date: 5 October 2012

Financial woes have forced famed Swedish glassmaker Orrefors Kosta Boda to shutter two factories in southern Sweden and lay off 130 employees.

/span>

New Wave Group, owner of Orrefors Kosta Boda (OKB), on Tuesday issued a profit warning as it announced that glassworks located in Orrefors and Åfors would be shut down.



"With the present economic uncertainty and economic development we don’t see any possibility to achieve an acceptable profitability during a foreseeable future without taking extensive measures," the New Wave Group said in a statement.



Between 2008 and 2012, New Wave Group has invested around 300 million kronor ($45 million) to cover loses at OKB but has yet to help return the operation to profit.

Read more.
600450 Swedish glassmaker to close Orrefors facility glassonweb.com

See more news about:

Others also read

MORE...

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.
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.
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.
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.
Lucintel Identifies APAC as Growth Region for Global Automotive Glass Industry during 2012-2017
Irving, Texas (PRWEB) December 18, 2012 - The global automotive glass industry experienced good growth over the last five years and is expected to grow moderately with a CAGR of 3% over the next five years (2012-2017) to reach revenue of approximately US $17 billion in 2017.

Add new comment