Sklo Union“s recent decision to lay off its entire workforce of 55 following its takeover by Stratton Investments and Harvard Group should not be taken as a sign of impending liquidation, according t…
Sklo Union“s recent decision to lay off its entire workforce of 55 following its takeover by Stratton Investments and Harvard Group should not be taken as a sign of impending liquidation, according to Michael Donath of the PR company Burson-Marsteller, representing Stratton Investments. The lay-offs at the Czech firm form part of a restructuring plan which will include diversification at Sklo Union“s Intes Union subsidiary. All Sklo Union employees have been offered equivalent jobs at Intes Union although some have rejected the offer. The acquisition of Sklo Union is likely to lead to big profits for the new owners, according to Jiri Klima of GlassInvest. As well as its 27% stake in Glavunion, a quoted subsidiary of Glaverbel of Belgium, Sklo Union is rumoured to hold a large number of Glavunion bonds which were issued in April 1995. There is strong demand for the bonds which are publicly tradeable.