AUSTRIA: HERAKLITH LOOKING FOR PARTNER

Article Abstract:

Der Standard reports that according to the new chairman Georg Obermeier, the Austrian refractories and insulation materials group RHI is to exchange stakes with either St Gobain or Rockwool of Denmark in year 2000. According to Mr Obermeier, RHI, which is Europe's fifth-biggest producer of mineral wool, has to double production from 250,000 tpy at present. According to Die Presse, on the other hand, RHI is looking for partners for its Heraklith division in order to become Europe's number three after St Gobain and Rockwool. Talks with potential partner are to be concluded in year 2000. According to Mr Obermeier, the insulation materials division is to be retained only if its yields good returns. At the same time, RHI is continuing to cut costs. Following the acquisition of GIT /Harbison Walker in the US, the company is to close down 10 factories in North America. In order to finance the US acquisition which will raise earnings before interest and taxes to Sch 2.5bn, RHI is to carry out a capital increase of Sch 600mn. Just under 75% of the total has already been subscribed by large-scale investors. Currently Viag is the biggest single shareholder, with a 10.7% stake. However, the German conglomerate is to withdraw from RHI in the medium term, following its merger with Veba.

Nonclay Refractories, Nonclay Refractory Manufacturing, Foreign operations, Alliances, partnerships, Mineral Insulation, Rock Wool Insulation, Mineral Wool Manufacturing, Refractories (Materials), RHI AG, St Gobain, Rockwool A/S

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AUSTRIA: CURRENT ACCOUNT DEFICIT STILL RISING

Article Abstract:

In 1999, Austria's current account deficit rose from EUR 4.3bn to EUR 5.4bn. It corresponded to 2.8% of gross domestic product (2.3%), which is the worst result for about 20 years. Austria's current account has been in the deficit since 1991. The current account with countries of the European Monetary Union had a deficit of EUR 6.2bn and that with other countries a surplus of EUR 800mn. Goods trade deficit amounted to about EUR 5bn. Foreign exchange revenue from tourism increased 3.4% to EUR 11.7bn, resulting in a surplus of EUR 1.7bn (EUR 1.5bn).

Net Exports of Goods & Services, Balance of Payments

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