Krośnieńskie Huty Szkła Krosno
The Krosnienskie Huty Szkła Krosno SA ( KHS Krosno SA , in German: Glassworks Krosno AG ) is the largest producer of household glass in Poland and one of the world's leading manufacturers of hand and machine-made glass products. Between 60 and 90 percent of production is exported to around 60 countries. The company, which was founded in 1923, was listed on the newly founded Warsaw Stock Exchange in 1990 as one of the first Polish joint-stock companies . In January 2009 the company filed for bankruptcy. As a result, it was delisted from the stock exchange and had to lay off around 1200 employees. Nevertheless, the holding is still the largest employer in the old commercial and industrial town of Krosno in the Polish Subcarpathian Voivodeship with around 2,200 employees .
history
The first glassworks was built in Krosno in 1923 on a piece of land acquired from Countess Kaczkowska. Production started there in 1924. More huts were built. With the outbreak of the Second World War in 1939, production came to a short standstill, but glass production could soon be continued under German occupation. During the retreat of the German troops in 1944, there was considerable damage to the production facilities. In 1945 operations could be resumed. Manufactured products were initially exported to England, Brazil and Canada. All of the glassworks were merged in 1958 in the Krośnieńskie Huty Szkła Combine (KHS). In addition to the manufacturer of glass household goods (“Krosno”), this group also included the younger factory “Polanka”, which specialized in the production of technical glass products. In 1967 the glass works in Jasło were integrated into the KHS. In 1971 a modern fiberglass factory was built. The manufacture of glass fibers was based on a license from the English manufacturer TBA Bishop .
As a state-owned company, KHS fell into the state division of the light and chemical industry until the fall of the Berlin Wall . Under Minister Waldemar Kuczyński , the combine was renamed a joint stock company in 1990. In the same year it is listed on the Warsaw Stock Exchange. In 2001 the Grupę Kapitałową Krosno was formed, which in addition to KHS Krosno SA included Huta Szkła w Jaślo Sp. Z oo and Huta Szkła Gospodarczego "Blowex Tarnow" SA (later renamed HSG "Tarnów" SA ). In 2004 fiberglass production was spun off from KHS Krosno SA and renamed Krosglass SA . In the following year, Krosno Pacific was founded , a sales company for the markets in Australia, Oceania and Southeast Asia. In June 2006 the oldest factory ("Krosno I", hand-made) in Krosno was shut down.
Bankruptcy 2009
In January 2009, KHS filed for bankruptcy at the regional court in Krosno. This was preceded by a large loss from exchange rate options that under the drastic zloty failed against the dollar in the second half of 2008, its purpose devaluation and led to over-indebtedness of the company. Talks with creditor banks ( Bank BPH , Bank Handlowy SA , Bank Millennium , Fortis Bank Polska , PKO BP , Bank Pekao ) were held. In addition to the exchange rate problems, declines in sales and cost increases in gas purchasing aggravated the situation. After the KHS share price fell significantly, the listing was suspended. In March 2009 bankruptcy was declared. The company continues to produce.
References and comments
- ↑ a b according to Information on the website of the city of Krosno (in English)
- ↑ a b according to Article Krosno bows out of WSE ( Memento of the original from September 30, 2010 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. of November 9, 2009 in the Warsaw Business Journal (in English)
- ↑ History ( Memento of the original from December 30, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. of Krosglass SA (in German)
- ↑ Marian Waldemar Kuczyński (* 1939) is a Polish economist, journalist and politician. From September to December 1990 he was the first privatization minister of the Third Polish Republic
- ↑ from January 1, 2004 to July 1, 2005 as Krosglass Sp. Z oo
- ↑ according to Information Największa huta szkła w Europie na skraju bankructwa on the OZZIP website (in Polish)
- ↑ according to Information Krosnienskie Huty Szkla Krosno SA Announces Bankruptcy at Reuters.com (in English)
- ↑ according to Article Krosno of Poland Seeks Court Protection After Currency Losses from January 31, 2009 at Bloomberg.net (in English)
Web links
Coordinates: 49 ° 42 '4.3 " N , 21 ° 43' 58.8" E