Losses spark fears for future of glass company

Date: 7 October 2003
Source: Edinburghnews.com

Date: 7 October 2003

MOUNTING losses are threatening the future of Penicuik-based Edinburgh Crystal Glass. The firm’s parent company, Caledonia Investments, admitted the glassware business was going through a "tough time".

Edinburgh Crystal, which dates back to 1867 and employs 360 people in Penicuik and in retail concessions across the UK, has been owned by Caledonia since 1990.

Caledonia finance director Jonathan Cartwright said: "It’s a great product and there is a good management team. But it’s been a very tough time for them. From an investment perspective, it has not been a great performer."

Mr Cartwright said options for Edinburgh Crystal included acquiring another business to "partner" it, forming a joint venture with a complimentary business, recapitalising or closing it down.

But he would not comment on which is most likely to be pursued. Some sources said closure is the likely scenario.

Edinburgh Crystal’s published accounts show a pre-tax loss of £1.18 million in the year to March 2002 and losses of £1.03m in 2000-01.

In 2001, Caledonia examined the possibility of acquiring Perth-based Caithness Glass and merging it with Edinburgh Crystal. But the plan was scuppered
600450 Losses spark fears for future of glass company glassonweb.com

See more news about:

Others also read

MORE...

Southwall Technologies Secures New Bank Loan and Equity Financing Agreement Led by Needham & Company
Southwall Technologies Inc. (Nasdaq:SWTX), a global developer, manufacturer and marketer of thin-film coatings for the electronic display, automotive glass and architectural markets, today announced that on Dec. 18, 2003, it secured an agreement for a new bank loan guarantee and equity financing package of up to $7.5 million from Needham & Company, Inc., its affiliates and Dolphin Asset Management.
Emirates Glass wins major deals
Local quality glass producer Emirates Glass Limited has won contracts to supply 68,000 square metres of its high quality EmiCool glass to five major projects in Dubai.
Micro-Tek Canada, Inc. and Co-Ventures in Glass Containers, Ltd.
Co-Ventures in Glass Containers (CVIGC, Ltd.) of Tampa, Florida, USA and Micro-Tek Canada, Inc. Of Toronto, Canada are excited to announce the beginning of a long term joint venture to combine their extensive experiences and resources to offer the Glass Container Industry globally a best value alternative for all their outsourcing needs in manufacturing, operations and technical assistance agreements, specifically targeted to the smaller manufacturers who have found the larger service companies to be cost and profit prohibitive.The principals of the two companies have found a global need for smaller glass companies who require excellent technical resources to properly compete within the industry without the high costs of employing their own staffs or outsourcing their requirements to the larger service companies whose own operating costs and overhead are substantial.
Autoglass maker dumps dumping charges
China's largest automobile glass maker Fuyao Glass Industry Group Co, Ltd, won its case against the dumping ruling of the US Department of Commerce (DOC).
History of Glass Wine Bottles
When did the wine industry start using glass bottles, and how did they settle on their current size of 750ml? For the answer to these questions, you have to go back in time - back thousands of years to when wine was first cultivated and enjoyed.
Praxair's Specialty Gases Plant Attains New ISO 9000 Standard
Praxair, Inc. (NYSE: PX) today announced that its subsidiary Praxair Canada Inc.'s specialty gases plant in Paris, Ontario, Canada, is one of Praxair's first specialty gases plants in North America to complete the upgrade to ISO 9001:2000, the latest ISO 9000 standard for quality.

Add new comment