Austrian glassware manufacturer Riedel Glas has acquired German sector company F.X. Nachtmann for an undisclosed sum, it was reported on 20 September 2004.
Riedel Glas has been in negotiations for a …
Austrian glassware manufacturer Riedel Glas has acquired German sector company F.X. Nachtmann for an undisclosed sum, it was reported on 20 September 2004. Riedel Glas has been in negotiations for a stake in F.X. Nachtmann for more than two years. F.X. Nachtmann has five plants in the southern German state of Bavaria with a total staff of 1,500. The company makes goblets and giftware under the brand names Nachtmann, Spiegelau and Marc Aurel. F.X. Nachtmann posted sales of EUR 120 million (USD 146.06 million) in 2003. Following the acquisition, Riedel Glas, with a staff of 1,900, is looking to sales of EUR 220 million (USD 267.78 million) for 2004. In 2003, Riedel Glas saw its biggest sales increase in the United States and Japan, but profits on these markets fell because of unfavourable exchange rates. The company produced some 7.8 million glasses in 2003, 600,000 of which were handmade and mouthblown, at its plants in Kufstein, western Austria, and Schneegattern, northern Austria. Riedel Glas plans to further expand its chain of stores, which accounted for some 50% of all sales in 2003. The company will open outlets in Zurich and Zug in Switzerland.