Irena to acquire foreign glassworks

The Irena glassworks, one of Poland“s leading producers of soda and lead crystal glass, plans to raise Zl 20 million through a rights offering and to use the proceeds for upgrading technological stan…

The Irena glassworks, one of Poland“s leading producers of soda and lead crystal glass, plans to raise Zl 20 million through a rights offering and to use the proceeds for upgrading technological standards and for capital investments, Irena management board president Bolesiaw Felczak said. The company“s major shareholders have agreed to the offering, which is to be officially accepted at a shareholders“ meeting later this year. The cash will enable the company to significantly increase its production capacities and will allow it to acquire another glassworks, preferably from Ukraine, the Baltic countries, or Slovakia. Proceeds will be evenly split into technological and capital investments. The glassworks boosted its export revenue by 50% in the first half of the year, with exports now constituting roughly 70% of its sales. Irena sells 85-90% of its crystal abroad. Irena expects Zl 86.3 million in sales and a Zl 5.04 million net profit in 2000, or a respective 12.4% and 16.0% more than in 1999.