A contract on the sale of 100% interest in the Croatian company was signed on April 11.
The basic reason for the sale is that the activity of Koncar - Elevators and Service, which projects, manufactures, assembles and services elevators, is not within the scope of the main activity of the Koncar Group.
Under the contract, Koncar - Elevators and Service will retain the name Koncar and one of the members on its supervisory board will be from Koncar EI.
The German company will ensure the development of the Croatian company's main activity and invest in technology and the market. It has also accepted the collective agreement, committing to retaining the current number of workers for the next three years.
With the sale of Koncar - Elevators and Service, Koncar EI's management board is continuing with the restructuring and privatisation of the Koncar concern, in accordance with decisions of the supervisory board and assembly, in view of creating a modern industrial holding focused on the main activity of energy and transport.