The German glass container and specialist glass manufacturer Gerresheimer Glas AG, which is majority-owned by Viag AG, saw profits decline by 30% in the second quarter of 1997. There had already been …
The German glass container and specialist glass manufacturer Gerresheimer Glas AG, which is majority-owned by Viag AG, saw profits decline by 30% in the second quarter of 1997. There had already been a fall of 20% in the first quarter, according to Klaus Peter Rambow, a board spokesman. This comes after record results in the 1995-96 financial year . Mr. Rambow told shareholders the company expected profits to be down on last year because of significant pressure on volume and prices in the drinks bottles industry. He would not comment on whether the dividend of DM 1 per DM 5 share would be retained. The board has adopted a number of measures to stop the downturn, including reducing costs, rationalisation, improving products, scrapping planned capital investment and introducing more flexible working hours.