ST. Glass Oblosuveggyarto es Forgalmazo: new CEO to fight crisis

Hungarian investment company Magyar Befektetesi s Vagyonkezelo, the owner of glass factory ST. Glass Oblosuveggyarto es Forgalmazo Rt in Salgotarjan, in northeastern Hungary, appointed Gyorgy Petrilla…

Hungarian investment company Magyar Befektetesi s Vagyonkezelo, the owner of glass factory ST. Glass Oblosuveggyarto es Forgalmazo Rt in Salgotarjan, in northeastern Hungary, appointed Gyorgy Petrilla to the position of CEO as of 26 January 2004, it was reported on 29 January 2004. Petrilla comes from the board of directors of Hungarian vehicle maker Raba in Gyor, northwestern Hungary. ST. Glass Oblosuveggyarto es Forgalmazo posted a record loss for 2003 as a result of external and internal factors. The difficult situation facing the glass company required the owner to appoint a bank expert in crisis management, said Janos Benedek, the president of Magyar Befektetesi s Vagyonkezelo. ST. Glass Oblosuveggyarto es Forgalmazo suffered a HUF 600 million (USD 2.9 million/EUR 2.3 million) loss for January to October 2003 and stopped one of its furnaces on 30 November 2003. The company posted revenue of HUF 857 million (USD 4.1 million/EUR 3.3 million) for domestic sales and HUF 1.6 billion (USD 7.6 million/6.1 million EUR) for exports in 2002. ST. Glass Oblosuveggyarto es Forgalmazo employs 950 workers.