Untitled Document

NEWS

‘’Froental’’ Group from Germany opened the path to business advancement through privatization of the Spring Factory in Kraljevo
A NEW HOPE FOR THE SPRING FACTORY

Kraljevo, February 4 2008
The Spring Factory in Kraljevo got a new majority owner, ‘’Froental’’ Group from Düsseldorf, by auction sale of November 30 2007, which Group became the owner of 70% of this factory. The spring factory was bought for 1.200,000 Euro and the investment program worth 1.700,000 Euro should be implemented in the next two years. The new owner secured new jobs, first of all, for the world famous company ‘’MAN’’ for which the springs would be manufactured. The new owner visited the plants and a formal takeover of the company was carried out. The scheduling of Shareholders Meeting and forming new executive bodies of the company is expected soon.

Milan Djokovic, president of the Factory’s Trade Union, said he expected from the majority owner, after the privatization, the continuation of the production with increasing the scope of work, which is the base for increase of employee wages, observance of the Collective Agreement and free communication between trade union and employer, with the view of resolving all possible problems in due course.

Also, it should be mentioned that employees of the Spring Factory have 12 shares each per year of service, and the value of each share is Din. 1000,00.

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