Irena Glassworks plans growth in Ukraine or Slovakia

The glassworks company Irena hopes to spend half the money received from issuing new shares, approximately zl. 20 million, for acquiring glass factories in Ukraine or Slovakia. Remaining funds will be used for increasing production capabilities and creating a professional distribution network. " There should be no problem for stockowners to accept the new issues," said Irena president Boleslaw Felczak. The company might possibly take over a Polish glass company, but acquiring Ukrainian or Slovak companies would be more efficient both in terms of the costs involved with take-over and labor costs. " We are now using almost 100% of our capacity, so we need to increase it in order to meet higher demand," said Felczak. The glassworks already has orders until next February. Irena expects zl. 5.04 million in net profits with revenues amounting to zl. 86.3 million.(Puls Biznesu, pp. 1,7)