The French to buy part of "Tigar" - Assembly of stockholders of Pirot-based giant on February 27th

At the suggestion of the Administrative Board, Assembly of corporation "Tigar", on Wednesday (February 27, 2008), should make the decision about sale of their 30% of stocks in joint venture "Tigar Tyres" to French tire giant "Michelin".

The Administrative Board, which is presided by Dragan Nikolić, suggests that this arangement should be accepted, that is, the factory shouold be sold to the French for 2.7 billion RSD. This amount, which will be paid by the French in three installments prior to year 2010, would be used for other programs in "Tigar" that deals with production of footwear, technical tires, production of glues, as well as for construction of modern factory for waste tire recycling.

People from Pirot and the French has been negotiating about this business project, inititated by "Michelin", for one year. The price includes the factory, lot and other infrastructure. "Tigar Tyres" employs over 2,000 workers.