The Supervisory Board of Sava d.d. consents to the sale of the Rubber Manufacturing division – the contract with the selected strategic partner has already been signed
The Supervisory Board of Sava d.d. became acquainted with a regular monthly report on the operations of the Sava Group and Sava d.d. in the period January-September 2012. In spite of the adverse economic circumstances, the companies operate better than in the past year and, in doing business they follow the strategic policies defined in the restructuring strategy. The consolidated report on the operations of the Sava Group and Sava d.d. in the period January-September 2012 will be produced in November and published on 23 November 2012.
In monitoring the strategy implementation for Sava’s restructuring, the Supervisory Board primarily focused on an in-depth consideration of the project of selling the Rubber Manufacturing division and a comprehensive analysis of the said transaction, at which a heavy emphasis was placed on dealing with the effects of divesture process on further development of a new, remodelled Sava.
The members of the Supervisory Board of Sava d.d. granted their unanimous consent for the sale of 100 per cent equity holding of the company Savatech d.o.o., at which they repeatedly expressed their full support to the presented future steps in the implementation of the restructuring strategy of Sava d.d. that will enable a successful development of the new Sava.
The consent granted by the Supervisory Board rendered signing the contract of selling the company Savatech d.o.o. to the selected strategic partner, the Czech rubber manufacturing Group ČGS at a price of €69.4 million for the shares. This along with the already carried out divestures will allow the Sava Group to make deleverage in the amount of €100 million in this year already. By signing this contract, it has been assured for the entire rubber manufacturing part of the present Sava to preserve jobs and further develop in this site.
Sava d.d.
Corporate Communications