News

FAM Krusevac sold to American company Valvoline for EUR 9.5 million – Local brand not to be disconti

Monday, 25. Feb 2019.

The agreement on the sale of Fabrika Maziva (FAM) in Krusevac to the American company Valvoline for EUR 9.5 million was signed last weekend in the presence of the president of Serbia, Aleksandar Vucic.

The agreement was signed by the director of FAM, Jelica Djurovic Petronijevic, and the vice president of Valvoline Europe, Diego Brodoni.

Vucic had previously visited FAMs facilities.

The factory has 218 employees. This is the second sale of FAM, which avoided bankruptcy in 2016 thanks to the states intervention, despite its large debts.

The previous privatization was terminated in 2011, and a PPRP was signed seven years afterwards.

A third of its products is exported to the countries of the region, as well as to Russia and African countries.

The facilities feature the most modern technology.

Brodoni pointed out that the signing of the agreement was a big step for Valvoline, for Krusevac and for the employees at FAM.

He thanked the government and the president of Serbia for their care for the FAM employees and emphasized that the agreement entailed investments.

– This is the first step towards it. We will keep FAMs brand and we hope that we will remain present in the market. I expect a combination of Valvolines strength and FAMs legacy and we expect to grow together a become a leader in the region – Brodoni said.

Djurovic Petronijevic expressed her belief that the agreement would contribute to a quicker development of FAM and the economic prosperity of Serbia.


Source: eKapija

21. Mar 2019.
NIS and MET Group to build wind park in Plandiste

21. Mar 2019.
Chinese company Jinlong soon to become majority owner of Ikarbus

18. Mar 2019.
P[amp]O Ports Dubais application for privatization of Port of Novi Sad deemed valid

15. Mar 2019.
NBS records after-tax profit of RSD 30.66 billion in 2018

15. Mar 2019.
Sberbank to sell Agrokor stake after restructuring, IPO possible

11. Mar 2019.
Jagodinska Pivara sold for RSD 50 million

20. Feb 2019.
EBRDs first investment in local currency bond in Serbia

18. Feb 2019.
Coca-Cola HBC begins process of acquisition of Bambi worth EUR 260 million

12. Feb 2019.
Commission for Protection of Competition authorizes purchase of Masko cable operator by Telekom Srbi

12. Feb 2019.
Consulting company selected for valuation of Lasta

10. Feb 2019.
Tanjug and Dow Jones sign agreement on cooperation

08. Feb 2019.
Vinci to present plans for Belgrade Airport on February 13

04. Feb 2019.
French Lazard to be privatization consultant for Komercijalna Banka

25. Jan 2019.
HBIS Group surpasses Fiat – Zelezara biggest exporter in 2018

21. Jan 2019.
Vinci and Terna sign agreement on works at Nikola Tesla Airport worth EUR 262 million – New runway,

18. Jan 2019.
Income of Metalac in 2018 at EUR 110 million – Results exceed plans

17. Jan 2019.
Brauerei Group Belgrade becomes owner of Valjevska Pivara

16. Jan 2019.
Putin to bring investor for Russian counterpart to Belgrade Waterfront – Investment fund Marera Prop

15. Jan 2019.
Investors to get 3,000 to 7,000 euros per job in 2019 – No more state subsidies for international tr

15. Jan 2019.
Telekom spends EUR 310 million buying cable operators

13. Jan 2019.
Tendering for sale of Lasta to start by end-March – Selection of consulting and auditing company in

09. Jan 2019.
Republic of Serbia to become majority owner of Komercijalna Banka?

08. Jan 2019.
Mandatory registration of beneficial owners not later than 31 January 2019

08. Jan 2019.
Planinka to buy Kursumlijska Banja

31. Dec 2018.
Serbia to buy gold – NBS treasury has 20 tons of reserves

28. Dec 2018.
Russians interested in Petrohemija – Tendering for privatization to start in February

26. Dec 2018.
Poseidon Group announces opening of Capitol Park Zajecar in spring 2019 - Investment worth EUR 10 mi

26. Dec 2018.
N. Tesla Airport shares reach historic high on Tuesday

21. Dec 2018.
Serbia-Korea Information Access Center emerges on top in only a year