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Swisslion acquires 70% stake in PIK Takovo of Gornji Milanovac - 33m euros

Vibilia Danas 418

(09/01/2004)

Vrsac - based Swisslion has acquired 70% of socially owned shares in the agricultural corporation, Takovo (www.takovo.co.yu) for 3m euros. Under the deal, to be inked over the next month, Swisslion will invest 30m euros in Takovo over the next five years. The buyer also pledged to continue Takovo"s current activities and keep all the workers.

Swisslion CEO Rodoljub Draskovic has said Takovo will need new workforce in three years" time for the objective is to make the new firm, Swisslion - Takovo, a market leader in Europe. He announced that Swisslion would pump 8m euros into the development of Takovo in 2004 in a move to improve quality and redesign the packaging.

A 575,000 euro bid from Subotica"s Pionir (www.pionir.co.yu) was unsuccessful. The company planned to sack 1,000 workers while Belgrade"s Mineks Trading Corporation bid $515,000 and was to lay off 2,200 workers.




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