Glass Industry News

AS VALMIERAS STIKLA ŠĶIEDRA´s USA subsidiary suspends Phase II implementation in the US

, AS VALMIERAS STIKLA ŠĶIEDRA

The Management Board of AS VALMIERAS STIKLA ŠĶIEDRA (with registration No: 40003031676, legal address: Cempu iela 13, Valmiera, LV-4201) (‘Company’) hereby announces that due to significant unexpected losses during the extended start-up phase of P-D VALMIERA GLASS USA Corporation’s (‘US subsidiary’) Phase II operations, the Company, the major shareholder of P-D VALMIERA GLASS USA Corp., decided to search for an external investor.

The application for the legal protection process (‘LPP’) made in Latvia (more information on the application here, announcement about the LPP initiation here) was effectively due to a financial guarantee relating to the US operations. Moreover, all attempts to find an external investor for the Phase II operation have not been successful so far. 

Due to the filing for the LPP in Latvia, financial support from the mother company AS VALMIERAS STIKLA ŠĶIEDRA (52% direct shareholder) can no longer be counted on.

Respectively, the US subsidiary was forced to stop its Phase II Fiberglass furnace operation effective immediately yesterday, June 17th at 2.30 pm EDT. More than 350 employees were made redundant yesterday. 

In addition, the US subsidiary filed a voluntary petition for relief under Chapter 11 in the United States Bankruptcy Court for the Northern District of Georgia on June 17th at approximately 8 pm EDT. 

The US subsidiary intends to continue to operate its Phase I Needle Mat division in the ordinary course of business while it formulates its reorganization plan around this profitable side of its business.

**

It was in 2014 when the announcement was made that Valmiera would be coming to Laurens county.

Then in 2016 the Latvian business cut the ribbon officially on the facility with great fan fair.

And it was just a few months ago in April 2019 when Senator Perdue paid a visit to the facility to see how the plant offered training and apprenticeships.

, © AS VALMIERAS STIKLA ŠĶIEDRA

News material on the Site is copyright and belongs to the Company or to its third party news provider, and all rights are reserved. Any User who accesses such material may do so only for its own personal use, and the use of such material is at the sole risk of the User. Redistribution or other commercial exploitation of such news material is expressly prohibited. Where such news material is provided by a third party, each User agrees to observe and be bound by the specific terms of use applying to such news material. We do not represent or endorse the accuracy or reliability of any of the info contained in any news or external websites referred to in the news.

Should the content or the design of these sites violate third parties rights or legal prescriptions, we kindly ask you to send us a respective message without invoice or cost. We guarantee that passages where the claim is considered as justified will be removed immediately, without any necessity to involve any lawyer into this issue. We will reject any claim caused by submission of a honorary note in this regard without any prior contact and confirmation of the issueby us and we reserve the right ssue counter claim ourselves because of violation of aforesaid conditions.



Info Grid

Glass studies

Updated worldwide glass study 2024

plants.glassglobal.com

Updated hollow glass study 2024

Request more information

Updated float glass study 2024

Request more information

Further glass market studies

Request more information

Company Profile



Updated worldwide glass market study 2024 available now for flat, container glass and tableware

We have updated our international studies on flat glass, container glass and tableware for 2024.

This unique software provides a global overview about glass producers and technical details. Easy to use and clear tables summarize information and data about glass makers such as: Glass types: flat glass, container glass, tableware, production capacities in regions and countries, number of furnaces, furnace types, year of construction, glass types and sub-types, products, project information, special news and downloads.

Further databases supplying demoscopic data and import and export data complete the market survey. Based on these data, prepare individual country profiles with information about local production capacities, local market sizes and expected demand in the future.

Request your offer via plants.glassglobal.com.

Updated container glass study 2024

X

Updated float glass study 2024

X

Further glass studies and reports 2024

X