Steklarna Hrastnik shelves Poland investment, sale halted

Steklarna Hrastnik, a large glassworks, has decided to abort plans for a EUR 70m investment in a factory in Poland in favour of expanding production at home in Slovenia and stopped looking for a strategic investor, in what is a major turnaround in plans.

Steklarna Hrastnik is planning a €45 million expansion of its capacities.

The Slovenian glassmaker said the expansion would enable it to continue developing and ensure jobs with high added value in Hrastnik.

Peter Cas, General Director, said: “At the moment we are in the engineering stage, the stage of planning a new furnace.

“The value of the total investment including the start-up of the new production capacities is around €45 million. The project will enable us to create high-quality jobs for our employees and to react faster to market demands.”

The company’s owner believes in the long-term potential of the company and the Slovenian business environment. Despite high bids from foreign investors, he terminated the process of finding a buyer for Steklarna Hrastnik in November this year.

Igor Lah, CEO of GlobalGlass Holding, which owns Steklarna Hrastnik, said: “We see the strategy adopted by the new management as an opportunity for further development and growth of Steklarna Hrastnik.

“The operational excellence of all company processes and the strategic organisation of sales and marketing in foreign markets have a special role in the strategy.

“The aim is to increase cooperation with globally renowned brand holders.

“This year we are expecting to achieve outstanding results, which confirms the potential of the direction we have chosen and testifies to the fact that Steklarna Hrastnik was and is a successful company.

Ownership of Steklarna Hrastnik was transferred to Swiss-based GlobalGlass Holding on November 12.

GlobalGlass Holding was established this year and provides strategic consulting services, particularly regarding strategic investments and international sales and marketing.

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