BA Glass Greece announces the decision to cease the production activities at its plant in Athens, effective as of the end of March. This hard decision comes as a result of the current market conditions within the glass industry.
Over the past months, the glass market has experienced a notable decrease in demand, leading to a corresponding decline in sales. This trend has been further exacerbated by a significant increase in stock levels, prompting the need to halt certain production lines.
Despite efforts to adapt to these challenges, the persistent shortage of demand, coupled with the escalating costs of warehousing and its limited availability, has unfortunately led to the closure of the production operations at the Greek plant.
Tiago Moreira da Silva, CEO of BA Glass stated: “While this decision was not made in a light manner, since it is affecting our people, it was necessary and unavoidable. For the time being, our priority is to support the affected employees. BA Glass Greece consulted with the Union and announced a voluntary exit plan to the 121 affected employees, that was accepted after a round of negotiations. The voluntary exit plan is a commitment of the company to pay its employees a favorable compensation amount, supporting them and their families. On behalf of BA Glass Greece, I would like also to express our recognition to the hard work, commitment and dedication of each person who has proudly contributed to the operations at BA’s plant in Athens.”
Moreover, during this transition period and in order to satisfy the commitments with our customers we are consolidating production activities in line with market demands and we will mitigate any impact in our customers by keeping commercial and distribution activity in Greece.
