Bulgarian Company Takes Over Paraćin Glass Factory

Bulgarian company Rubin to officially take over Serbian glass factory in Paraćin. The Bulgarian company is expected tol invest more than 50 million euros in the Serbian glass factory.

Borivoje Jevtić, president of the factory’s trade union, said that the take-over will take place after the new owner gives a banking guarantee of 25 million euros and provides 90 percent of workers with a settlement of pending debt.

The Serbian glass factory in Paraćin was sold on November 9, 2006 to the Bulgarian company for 100,000 euros. The new owner pledged to take over the factory’s debt and to invest 25 million euros in production.

As Jović said, the factory has accumlated a debt of 130 million dinars owed to the workers for breaching collective agreements in the past. “The factory employed 1,914 workers. 294 workers have been made redundant and received 100 euros per working year from the state, and the owner has committed to paying an additional 160 euros per working year”, Jevtić said.

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