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Rexplo under liquidation

Hungary’s 90-year-old gunpowder producer company Rexplo 21 Kft is closing down due to sales and financing difficulties, business daily Napi Gazdaság reported. Balatonfűzfő-based Rexplo’s debts are estimated to reach up to HUF 300 million. In 2008, added the paper, the company had a net income above HUF 165 million and also hired new staff. The increasing Chinese competition, however, has hit Rexplo hard and the company lost HUF 30 million of orders by 2009, while production costs were up. Rexplo’s liquidation was initiated by creditors and is led by consultant and liquidator company Ceres Kft. (BBJ)