Swedish glassmaker to close Orrefors facility

Date: 5 October 2012
Source: www.thelocal.se

Date: 5 October 2012

Financial woes have forced famed Swedish glassmaker Orrefors Kosta Boda to shutter two factories in southern Sweden and lay off 130 employees.

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New Wave Group, owner of Orrefors Kosta Boda (OKB), on Tuesday issued a profit warning as it announced that glassworks located in Orrefors and Åfors would be shut down.



"With the present economic uncertainty and economic development we don’t see any possibility to achieve an acceptable profitability during a foreseeable future without taking extensive measures," the New Wave Group said in a statement.



Between 2008 and 2012, New Wave Group has invested around 300 million kronor ($45 million) to cover loses at OKB but has yet to help return the operation to profit.

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