Swiss glass packaging manufacturer Vetropack has announced that it has acquired Croatian glass producer Straza, which employs a workforce of around 1,000 and generates annual turnover equivalent to SF…
Swiss glass packaging manufacturer Vetropack has announced that it has acquired Croatian glass producer Straza, which employs a workforce of around 1,000 and generates annual turnover equivalent to SFr 65 million. The company, which has been renamed Vetropack Straza, holds a 90% market share in Croatia and Slovenia. In addition, Vetropack has reported that its cash flow decreased by 26% year-on-year to SFr 28.2 million and that net profits fell 31% to SFr 5.7 million in the first half of 1996. The downturn was primarily attributable to unsatisfactory turnover in Switzerland and extraordinary costs associated with fire damage at the company“s plant in Poechlarn, Austria, and with the disposal of Claropac AG. However, consolidated turnover was 8.9% higher in the first half at SFr 195.4 million.