Austrian optical maker Swarovski Optik, part of the Swarovski Group, plans to sell its subsidiary Kahles GmbH, the world“s oldest riflescope manufacturer, weekly Format reported in a preview copy of …
Austrian optical maker Swarovski Optik, part of the Swarovski Group, plans to sell its subsidiary Kahles GmbH, the world“s oldest riflescope manufacturer, weekly Format reported in a preview copy of its 5 September 2008 edition. A buyer for the subsidiary will be chosen by the end of 2008, Swarovski Optik executive Johannes Davoras told daily Kurier in the last week of August 2008. According to Format, the bids stand at between EUR 8.0 million (USD 11.6 million) and EUR 10 million (USD 14.5 million) and arms manufacturers Glock, Beretta and Steyr are among the interested parties. Kahles, with 50 employees, generates annual revenue of around EUR 5.0 million (USD 7.2 million). In mid-August 2008 Swarovski announced it plans to sell its 25% stake in Czech Jablonex by the beginning of 2009. Regional daily Tiroler Tageszeitung reported that Swarovski will cut further 100 jobs by the end of 2008. Swarovski has already cut 450 workplaces in Wattens, in Tyrol, in May 2008. The moves are attributed to the increasing cost pressure on the group.