Danish group Royal Scandinavia will sell its Swedish glass design subsidiary, Kosta Boda in mid-2005, said Royal Scandinavia“s major shareholder, Danish investment company Axcel, on 28 October 2004.
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Danish group Royal Scandinavia will sell its Swedish glass design subsidiary, Kosta Boda in mid-2005, said Royal Scandinavia“s major shareholder, Danish investment company Axcel, on 28 October 2004. Prior to the sale, Royal Scandinavia will implement a restructuring programme at Kosta Boda and this is scheduled for completion by the end of the 2Q of 2005. Kosta Boda made a post-tax loss of DKK 42 million (USD 7.2 million/EUR 5.7 million) for fiscal 2002/2003, ended 30 September 2003. In addition, Royal Scandinavia“s other units including glass design company Holmegaard and Swedish glass design company Orrefors will be sold. Royla Scandinavia has sold its Swedish ceramics unit Boda Nova Hoganas and glass company Venini, as well as real estate properties, for a total of DKK 1.1 billion (USD 188.3 million/EUR 148 million) in the last two years.