Heye is preparing its own rescue operation for its three German businesses if potential outside bidders fail to come through. It has already cut its workforce by 140 people, and could cut another 100 jobs. New companies would be set up to acquire and run its glass factories at Obernkirchen and Karlsruhe and its plant construction company. Heye says orders are up on last year, and that it made 2M Euros profit in the first half of 2002. It also sold its shareholdings in two glassmakers in Poland and Portugal. The Polish operations is Huta Szkla Dzialdowo, a maker of spirits miniature and cosmetics bottles in which Heinz Glas is also an investor. The Heye investment was made in 1992. Its Portuguese investment was a majority stake in Sotancro, acquired in 1997. The shares have gone to a management buy-in team and to venture capitalists.
