Slovenian company "Cimos" from Koper is interested in procurement of company "Mitrovačka industrija ventila" (Mitrovac's Valve Industry) (MIV) from Sremska Mitrovica. The representatives of Cimos expressed interest in taking over of sales contract from the representative of "Citroen" to SCG, Belgrade-based company "Jucit".
After purchase of "Livnica" (Foundry) from Kikinda, Slovenians want to complete its automobile parts' production process by procurement of MIV.
Privatization Agency of Serbia started procedure for breaking of contract on sale of MIV with "Jucit" because that company did not fulfill requirements stated in the contract, which resulted in new crisis in the company, so that the production of valves decreased from about 3.5 million valves to 1.9 million on annual basis.
In April 2003, "Jucit" bought 70% of public assets of MIV for € 5,384, accepting obligation to invest another €2m in production and provide finances for social program worth € 377,790, as well as prohibition of dismissal of employees prior to 2008. www.mivvalves.co.yu www.cimos.com www.citroen.co.yu/jucit_group