15 January 1998: Skloexport of the Czech Republic, which until last year was the leading exporter of domestic utility glass, announced the company plans on changing its business focus due to financial…
15 January 1998: Skloexport of the Czech Republic, which until last year was the leading exporter of domestic utility glass, announced the company plans on changing its business focus due to financial difficulties. At a recent meeting, company spokesman, Lubomir Marsik, did not say exactly what type of changes would be made. Marsik did say, however, that Skloexport“s priority is to strengthen its foreign distribution network, and the forthcoming changes would be intended to renew the firm“s financial stability. “Before the end of February the board of directors and the management will present the main lines of the new business focus to shareholders for approval,” said Marsik. At the beginning of December the company“s bad financial situation forced it to stop supplies, and to call on producers to trade directly through Skloexport“s foreign affiliates. Marsik said that negotiations with banks were continuing. The glass producer Jihlavske sklarny has stopped dealing with Skloexport as of the beginning of 1998 because of the exporter“s insolvency. Sklo Bohemia in Svetla nad Sazavou has also chosen to export its products through Bohemia Crystalex Trading. Formerly, these two companies were responsible for the largest share of Skloexport“s trade. In the meantime, Skloexport owes glass producers more than Kc 200 million, and it also has a Kc 800 million debt with Komercni banka.