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"With the present economic uncertainty and economic development we don't see any possibility to achieve an acceptable profitability during a foreseeable future without taking extensive measures," the New Wave Group said in a statement.

Between 20, New Wave Group has invested around 300 million kronor ( million) to cover loses at OKB but has yet to help return the operation to profit.

The company also cited the strong Swedish krona as having a negative impact on OKB's export business.

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OKB will also receive a new CEO in conjunction with the restructuring effort, with Magnus Andersson, most recently CEO of Nimbus Boats, set to take over as CEO on November 5th.

New Wave Group chief financial officer Lars Jönsson said that it wouldn't be impossible for new owners of the glass factories in Orrefors and Åfors to continue production at the facilities, but only on a much smaller scale.

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