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Latt pays Ft 100 mln for Parád Kristály

Latt Stúdió Kft, a design company which makes glass molds, has purchased Parád Kristály Kft, a 300-year-old Hungarian maker of fine crystal, for Ft 100 million, business weekly HVG reported in its latest issue published on Thursday.

HVG also said that the company's property would no longer be used as collateral for Ft 190 million in loans from CIB Bank Zrt and K&H Bank Nyrt. Production at the company could restart with new technology and about 50 staff as early as the spring, managing director of Latt Stúdió Tamás Tóth said. He added that Latt would use just three buildings at the company's base in Parádsasvár, northeast Hungary, demolishing the other buildings and perhaps creating a park.
Latt was the only party to submit a bid for the company, bailiff Mátra Holding Zrt said in September. It was the fourth time the company had been offered for sale. The guideline price for the company was set at Ft 144 million, well under the Ft 318.5 million asking price when the company was first offered for sale in June.
Parád Kristály, which exports 70% of its products to the US and Japan, has been hurt by the weak dollar. It ended 2004 with losses of Ft 200 million on sales of Ft 1 billion. The company went under liquidation at the start of 2005. Production at its factory, which employed 380 people, was shut down in August. The company's debts total Ft 300 million.