Published on 6 - January - 2010
Management buyout at Arc Spanish factoryArc International, which makes glass products under brands including Pyrex, Cristal D'Arques and Luminarc, has sold its Spanish plant to the management there.
The plant, in Vicrila near Bilbao, makes glasses and dishes marketed under the Luminarc and Arcoroc brands. The move follows a recent announcement from the company that it would not invest in the rebuilding of the plant's two furnaces after they reach the end of their lifecycles, in 2011 and 2013.
It says "this difficult decision" was made as a result of falling demand in the European tableware market and overcapacity in the region.
Now, the plant's managing director and two further managers have completed a buyout. Under the deal, Arc will continue to source from the plant up to 2013 and provide technical assistance to the new company until the end of the sourcing contract.
DIYWeek.net does not edit comments which are submitted directly by our users to express their own views. Please report abuse of our comment system here.
© Datateam Business Media Limited 2010. DIY Week.net news articles may be copied or forwarded for individual use only. No other reproduction or distribution is permitted without prior written consent.