Although it has narrowly failed to achieve its financial targets, Austrian refractory products manufacturer Heraklith Holding AG says that 1995 was the best year in its history. Turnover for the Austr…
Although it has narrowly failed to achieve its financial targets, Austrian refractory products manufacturer Heraklith Holding AG says that 1995 was the best year in its history. Turnover for the Austrian firm is estimated to have risen by 30% to about Sch 4.5 billion, whilst chairman Rudolf Kanzi forecast pre-tax profits of Sch 160 million (1994: Sch 151 million) and cash flow in the region of Sch 400 million (1994: Sch 365 million). The company increased its payroll by 70 to 2,300 and, in 1996, it aims to improve profitability and to expand its presence on Asian markets. Kanzi said that Heraklith had been adversely affected by recession in Austria and Germany and by competition from cheap East European imports. Investments were reduced slightly to about Sch 400 million, of which Deutsche Heraklith GmbH“s new plant for the manufacture of insulating materials from wool and flax, the most modern of its type in the world, accounted for Sch 170 million.