Former construction giant enters recycling business - Italian Iteco buys Ruma-based Novogradnja

After almost ten years of agony and two years of bankruptcy, Ruma-based Novogradnja has got the new owner. By signing the sale agreement at the City house in Ruma, Italian group, Iteco, has become the new owner of the former construction giant, as it stands on Municipality`s website.

The event was attended by Ruma Municipality`s President, Goran Vukovic, Deputy President of Ruma Municipality, Dragan Kardas and Bankruptcy Manager of `Novogradnja`, Vladeta Dunjic, who signed the Agreement with Iteco, Italian company.

President of Ruma Municipality, Goran Vukovic, reminded that bankruptcy procedure was initiated in Novogradnja two years ago and that the serious buyer would make the best out of this opportunity and hire a significant number of workers. Ruma Municipality will help in all ways to begin production as soon as possible.

The buyer of Novogradnja is Italian group Iteco, with head office in Trentino, Italy. This group has worked for 40 years in the textile sector, whose production is mainly turned towards export. Representatives of this group said that the project that should be developed in Serbia, belongs to the sector of recycling and that it was separated in two different sectors. There is one sector of recycling and preparation of materials through the use of waste by the textile sector, fishing and agricultural sectors and there is another sector of recycling and reuse of waste from plastic, wood, paper, carton, metal, made from post use and from industrial sectors without dangerous characteristics.

The start of production is expected to be in August of this year, as well as hiring of new workers, and the final goal of this group is to bring 4 production branches existing in Italy, which treat waste as ready made product, as well as hiring of the local population for increased production extent. They are expecting around 450 employees in three years time.