Hrastnik, 14 November (STA) - Steklarna Hrastnik, a large glassworks, has decided to abort plans for a EUR 70m investment in a factory in Poland in favour of expanding production at home and stopped looking for a strategic investor, in what is a major turnaround in plans.
The company told the STA on Wednesday it has decided to focus on the "super premium product segment," but since there are not enough qualified workers for that in Poland, it will expand production in Slovenia.
The supervisory board has already confirmed the expansion, valued at EUR 45m. "This will boost development and secure jobs with high value added at home in Hrastnik," the company said.
"Its owner believes in the long-term potential of Steklarna Hrastnik and the Slovenian business environment. At the beginning of November it halted the search for a strategic partner despite excellent offers from foreign strategic investors," the press release reads.
Steklarna Hrastnik is owned by Igor Lah, one of the wealthiest Slovenians. Just days ago, he transferred ownership of the company from a Cypriot firm to a holding he has in Switzerland, GlobalGlass.
"I see in the strategy adopted by the new leadership an opportunity for continued development and growth of Steklarna Hrastnik," he was quoted as saying in the company's press release.
Steklarna Hrastnik plans sales of just over EUR 60m this year, up 4% over the year before, while pre-tax profit is expected to rise by 13% to EUR 8.7m.