Hungarian glass manufacturer ST Glass Oblosuveggyarto es Forgalmazo Rt, in Salgotarjan, northeastern Hungary, will go into liquidation, it was reported on 11 April 2005.
Many of the glass manufacture…
Hungarian glass manufacturer ST Glass Oblosuveggyarto es Forgalmazo Rt, in Salgotarjan, northeastern Hungary, will go into liquidation, it was reported on 11 April 2005. Many of the glass manufacturer“s 750 employees resigned on hearing of the liquidation, according to local media. ST Glass has been in financial difficulties since April 2004. In May 2004, the company increased its capital by HUF 600 million (USD 3.2 million/EUR 2.4 million). ST Glass also received a HUF 76.1 million (USD 399,800/EUR 309,300 ) job preservation subsidy from the Labour Ministry in May 2004. ST Glass is owned by Budapest-based investment company Stonefarm Befektetesi es Tanacsado Rt. ST Glass generated a loss of HUF 1.0 billion (USD 5.3 million/EUR 4.1 million) for 2003, it was reported on 28 May 2004.