French Group Acquires Czech Glassfibre Company

Saint-Gobain has signed an agreement with a group of investors conducted by the Komereni Banka for the acquisiton of 90% of the Czech business, Vertex, which specialises in the production of glassfibre. The deal is subject to regulatory approval. Saint-Gobain has had a presence in the Czech Republic since 1993, employing more than 600 people in six companies. The company is involved in thermal insulation and architectural and automotive glass production. It has built two new plants in the country since 1993 - Sekurit Saint-Gobain CR in Horovice and Saint-Gobain Sklo in Prague. In 1997 Vertex recorded turnover of CZK2.5bn, with around 80% of its production being exported. Four plants in Litomysl employ around 1600 people. (whole item)