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 FAM's facilities.
The factory has 218 employees. This is the second sale of FAM, which avoided bankruptcy in 2016 thanks to the state's 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 FAM's brand and we hope that we will remain present in the market. I expect a combination of Valvoline's strength and FAM's 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.