Hungarian glassworks ST Glass Rt in Salgotarjan, northeastern Hungary, will receive a subsidy of HUF 76.1 million (USD 359,000/EUR 300,000) to save jobs, it was reported on 18 May 2004.
The financial…
Hungarian glassworks ST Glass Rt in Salgotarjan, northeastern Hungary, will receive a subsidy of HUF 76.1 million (USD 359,000/EUR 300,000) to save jobs, it was reported on 18 May 2004. The financial support covers four months of wage expenses for the company“s 316 workers, employed in its hand-made products division. However, the subsidy will secure jobs for 12 months at ST Glass, said company CEO, Gyorgy Petrilla. At present, the company has 940 workers. In November 2003, ST Glass said that it would cut 100 jobs due to the economic downturn. The company suffered a loss of HUF 600 million (USD 2.83 million/EUR 2.36 million) for the January to October 2003 period. ST Glass posted a revenue of HUF 2.5 billion (USD 11.8 million/EUR 9.8 million) for 2002, compared to HUF 3.5 billion (USD 16.5 million/EUR 13.8 million) in 2001. Its registered capital stood at HUF 1.8 billion (USD 8.5 million/EUR 7.1 million) at the end of 2002.