30 July 1998: Italy“s Barovier & Toso, one of the leading glassworks in Murano with over 700 years of history and experience has, after a three-year search, bought the majority stake in Bag, a young,…
30 July 1998: Italy“s Barovier & Toso, one of the leading glassworks in Murano with over 700 years of history and experience has, after a three-year search, bought the majority stake in Bag, a young, but nonetheless promising company from Vsetin, Moravia (Czech Republic). Jacopo Barovier, Barovier & Toso“s general manager, said that the company paid around ItL 700 million (US$ 400,000) for 77% of Bag shares. “This amount gives us the majority stake, while the remaining 23% was bought by a local investment company,” he said. Bag, a Czech glassworks founded less than 10 years ago, has already gained a leading position in the market, due to the high level of training of its staff, all of whom come from special glassmaking schools, in which the Czech Republic has made large investments. The company will maintain its brand name, but will be managed by Barovier & Toso Czech Republik. The new branch has 75 employees, and is expected to close 1998 with a turnover of US$ 1.6 million, a profit of US$ 154,000 and above all, a cash flow of US$ 286,000. For 1999, the company expects to reach a turnover of US$ 2 million. “We will invest 2 billion over the next two years, completely self-financed, in order to further increase production,” said Mr. Barovier. “However, there will be no confusion between our production from Murano and that of the new Moravian company,” added Mr. Barovier. “Bag will continue manufacturing its own glass products. The only things it will take from us are the company“s know-how and managerial experience.” Barovier & Toso in Murano employs 70 workers, and expects to post a turnover of US$ 7.4 million in 1998.