Parad Kristaly: third time unlucky for sell-off

The third attempt to sell Hungary“s ParadKristaly, a 300-year-old fine crystal maker, did not produce the desired result with the rejection of the only bid on the grounds that it failed to meet the c…

The third attempt to sell Hungary“s ParadKristaly, a 300-year-old fine crystal maker, did not produce the desired result with the rejection of the only bid on the grounds that it failed to meet the conditions outlined in the tender, the official in charge of the company“s liquidation announced on 22 May 2006. A new tender for the company with the same conditions as before is planned, the official said. Parad Kristaly, which exports 70% of its output to the US and Japan, has been hurt by the weak dollar. It ended 2004 with losses of HUF 200 million on sales of HUF 1 billion. The company went into liquidation at the beginning of 2005. A tender was called in July 2005, but none of the bidders met the asking price of HUF 318.5 million and the sale was abandoned. In the second tender in October 2005, Kristaly Manufaktura Parad 1708 Export-Import, a company set up by private Hungarian investors, submitted the best offer but failed to produce the purchase price, despite making a 10% deposit. Manufacturing at the Parad Kristaly factory, which employed 380 people, was shut down in August 2005. The company“s debts total HUF 300 million.