7 January 1999: The German glass fabric manufacturer CS-Interglas AG (Erbach) expects to suffer losses in the financial year to 30 June 1999, according to a recent press report.
Turnover is likely to…
7 January 1999: The German glass fabric manufacturer CS-Interglas AG (Erbach) expects to suffer losses in the financial year to 30 June 1999, according to a recent press report. Turnover is likely to decline 7% to DM 260 million from DM 279.5 million. In the July-October period of the current year turnover fell by 18%. Group ordinary operating profits of DM 11.8 million compared with 15 million were posted for 1997/98. A dividend of DM 5 was approved at the AGM. The DM 52.5 million share capital is owned by Clark-Schwebel International Inc. of Delaware (US), the Deschler group of Ulm, with the remaining 16.2% widely distributed. Clark-Schwebel, which itself was acquired by the Hexcel Corporation of Stamford, Connecticut, in July this year, has an option to secure the Deschler group“s shares and thus gain a majority stake in CS-Interglas.