4 March 1999: The German firm, Pleiderer AG, has obtained a 78.5% majority stake in the first Hungarian-Japanese joint venture, the fibreglass maker Salgotarjani Uveggyapot (SU) Rt., based in Salgotar…
4 March 1999: The German firm, Pleiderer AG, has obtained a 78.5% majority stake in the first Hungarian-Japanese joint venture, the fibreglass maker Salgotarjani Uveggyapot (SU) Rt., based in Salgotarjan, Hungary. Europe“s second largest fibreglass maker (Pleiderer AG), bought SU in its most profitable year since it recorded a Ft 3 billion turnover and an expected Ft 650 million profit in 1998. According to the company“s managing director, Yoji Mukai, Pleiderer is not likely to layoff workers and will keep the level of salaries. SU was set up 12 years ago, the majority stake of which was in the hands of five Japanese investors. The company has a Ft 700 million equity, although its goodwill makes its selling price much higher. Andras Auth, head of sales department, said that the company focused on the domestic market and was a market leader. Exports went mainly to Germany, Slovakia and Romania. The company invested over Ft 500-500 million in the construction of a new foundry and the development of production lines. The International Finance Corporation, and the National Technical Development Committee have a 16.9% and a 4.5% stake in the company, respectively.