Parad Kristaly Manufaktura to resume production

Hungary“s Kristaly Manufaktura Parad 1708 Export-Import Kft., which bought local crystal maker Parad Kristaly Manufaktura Rt for an undisclosed sum, will relaunch production at the plant in Paradsasv…

Hungary“s Kristaly Manufaktura Parad 1708 Export-Import Kft., which bought local crystal maker Parad Kristaly Manufaktura Rt for an undisclosed sum, will relaunch production at the plant in Paradsasvar, southeastern Hungary, in 2005. Kristaly Manufaktura Parad 1708 Export-Import will initially employ 100 at the plant, although this figure is expected to rise to 250 in two years. The plant will continue operating under the name of Kristaly Manufaktura Parad 1708 Export-Import, company owner Tamas Augusztini said. Kristaly Manufaktura Parad 1708 Export-Import aims to return the plant to profit in two years. Parad Kristaly Manufaktura has been insolvent since 2004. The company“s liquidator opened a HUF 318.5 million (USD 1.5 million/EUR 1.3 million) tender for Parad Kristaly Manufaktura“s assets in July 2005, but received no bids.