Engine Factory ATB Sever Still Repays Old Debts

14. Juli 2006, 00:00

The new owner of engine factory Sever from Subotica in Vojvodina, Austrian ATB , has invested EUR 4 million in...

The new owner of engine factory Sever from Subotica in Vojvodina, Austrian ATB, has invested EUR 4 million in this company so far, the Belgrade daily Politika has reported.

ATBs entire investment programme is worth EUR 16 million and it is necessary in order to bail out ATB Sever and bring about positive business results.

Director general of ATB Sever, Reinner Vogel, said that the companys debts total EUR 10 million. He reminded that the companys accounts are blocked, products and technology were outdated, while the book of orders was empty.

Vogel explained that the programme of restructuring focuses mostly to the production of electro-engines. The company is now exporting high-voltage engines to Ukraine. It is also cooperating with Italian KSB and Japanese Toshiba.

Despite the fact that the company is one of the leading Serbian exporters, employees of ATB Sever still receive salaries from their Austrian parent company.

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