Belgian-based Glaverbel has said it is selling Vitrablok, a Czech glass brick manufacturer, to Italy's Vetroarredo for BFr500m (US$14.59m). The sale would generate a slight capital gain, Glaverbel said. The price, which excludes debts and liquidities, would also help reduce indebtedness following Glaverbel's recent purchase of the European activities of PPG Industries. Vitrablok has a workforce of about 250 and had a turnover of US$13m in 1997. Its purchase would make Vetroarredo the European market leader in the glass brick sector. Glaverbel said the sale was part of a move to refocus on its flat glass operations. Glaverbel also sold its Swedish Termofrost subsidiary, a maker of glass panels for refrigeration and deep-freeze units, for BFr500m. (whole item)
