Stolzle Oberglas Growth Abroad Helps 1996 Results

Austrian glass packaging manufacturer Stolzle Oberglas performed well in 1996 despite considerable downward pressure on prices. Turnover at the company's Koeflach and Baernbach plants declined by 4% to Sch850.6m, but this was more than offset by growth abroad. As a result, overall group turnover expanded by 10% to Sch1.71bn. The UK plant at Knottingley alone reported a dramatic increase in turnover to Sch312m (Sch187m). The Czech subsidiary Hermanova Hut contributed turnover of Sch81m, whilst sales by the new Stolzle Oberglas Lausitz subsidiary at Weiswasser in eastern Germany amounted to Sch65m. Operating profits in Austria declined to Sch43m from Sch55m, largely due to high labour costs.