25 March 1999: The glass producer Riedel of Kufstein, Austria has reported 21% turnover growth to Sch 770 million for 1998. Further growth to Sch 850 million is planned for 1999. Cash flow came to Sch…
25 March 1999: The glass producer Riedel of Kufstein, Austria has reported 21% turnover growth to Sch 770 million for 1998. Further growth to Sch 850 million is planned for 1999. Cash flow came to Sch 53 million. According to Riedel, profits (double those achieved in 1997) and cash flow were sufficient to enable expansion to be financed from own resources. Meanwhile, Georg Riedel has denied rumours regarding a takeover by Swarovski. He said Riedel Glas wanted to remain independent over the next few years. A Japanese joint venture is planned with Riedel taking a minimum 51% stake. Riedel“s exports to Japan increased tenfold from Sch 4 million to Sch 40 million last year. Turnover in the US rose to Sch 70 million (30 million) and in Europe to Sch 190 million (110 million). Riedel plans to invest Sch 55 million in advertising in 1999. With sales revenue of Sch 120 million, Germany is the single most important market.