Belgian Nouvelles Verreries de Momignies (NVM) officially inaugurated its fifth furnace in the presence of Belgian Finance Minister Philippe Maystadt and Walloon Premier Robert Collignon on 20 October…
Belgian Nouvelles Verreries de Momignies (NVM) officially inaugurated its fifth furnace in the presence of Belgian Finance Minister Philippe Maystadt and Walloon Premier Robert Collignon on 20 October 1995. The furnace has been operating since May “95 and represents an investment of BFr 440 million for which the Walloon economics authority has approved regional and EU subsidies of some BFr 110 million. The firing of the fifth furnace will enable the company to lift its output of clear glass for the perfume sector by over 30%; the workforce should rise by about 40 staff by 1997. Currently occupying almost 700 staff, of whom nearly 50% are of French nationality, NVM has a turnover of BFr 2.1 billion. It produced 260 million pieces in 1994, of which 95% were exported, with 32% going to France, 18% to Germany and 11% to the UK; the company has also recently broken into the American market, which accounted for 10%. Cash flow represents almost 11% of sales and services revenue, while profits after tax come to 3% or 4%. NVM is owned by the German group Heinz, which holds 84.8% of its capital via Belger-Glas and the Heinz family“s Luxembourg holding company Lemon Holding, while SA Chimay has 14.2% and the Walloon region 1%.