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HomeBreadcrumbCalendarsBreadcrumbNational AffairsBreadcrumbCroatia Affairs

Croatia sells struggling shipyard

July 2012 - July 2013 1 to 69 days from now
Croatia

Published: 20 Jul 2012 | By Maria Micudova and 1 other | Last updated: 20 Jul 2012
   
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The Croatian government is set to sell the loss-making Brodotrogir shipyard, which is one of several shipyards that the Balkan country has to restructure before its EU integration process is completed in July 2013.


The reason for the EU demanded restructuring of Croatian shipyards, which employ more than 10,000 people, is the accumulation of losses of around €3.7 billion during the past 20 years. 


A ninety-five percent stake in Brodotrogir will be sold to the Kermas Energija firm for the symbolic price of 1 kuna, which accounts for €0.13 or $0.16. 


According to Croatia's Prime Minister Zoran Milanovic, the government "chose the proposal that ... guarantees that industrial production, production of ships, will continue". 

The shipyard's restructuring will cost the company around €665 million, of which the state will provide more than a half.

Source
eubusiness.com www.eubusiness.com
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Created by Maria MicudovaCreated by Maria Micudova
on Fri 20 Jul 2012
Modified by Yafit LazarLast modified by Yafit Lazar
on Fri 20 Jul 2012
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Location: Croatia
Expected date: July 2012
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