8 January 1998: US-based Riverside Central Europe Fund recently acquired 100% of the Hungarian glass company Salgglas Uvegipari Rt, Ferenc Vidovszky, CEO of Riverside Budapest Rt reported. The transac…
8 January 1998: US-based Riverside Central Europe Fund recently acquired 100% of the Hungarian glass company Salgglas Uvegipari Rt, Ferenc Vidovszky, CEO of Riverside Budapest Rt reported. The transaction was carried out by Central Europe Glass, a company set up by Riverside to implement its acquisitions in the glass sector. The purchase price or Riverside“s investment plans are unknown. Salgglas Rt, which has registered capital of Ft 300 million, supplies car windows to the Magyar Suzuki factory (accounting for 57% of Salgglas output in 1997) and also makes laminated architectural glass and bullet-proof glass. They also have over 50% of Hungary“s total drawn sheet glass manufacturing capacity. Other Salgglas products include windows for trams, buses and railway carriages, glass for Ikea furniture, and heat-resistant glass for Elekthermax ovens. The company was expected to report a net profit of Ft 100 million on net sales revenue of Ft 1.5 billion in 1997, managing director Gyula Gaal said. Salgglas had net profits of Ft 100 million on a turnover of Ft 1 billion in its ten months of operation in 1996. The company was established in its present form in March 1996 and was previously owned by Hungarian Capital Fund.