Business News

Cimos Subsidiary Up for Sale

Koper, 02 August (STA) - Car parts maker Cimos published Friday a public call for offers for its Kamnik-based subsidiary Cimos Titan. The troubled car parts maker expects non-binding bids for the white tempered alloy maker, which employs about 170 people, by 30 August.

Supervisors of the Koper-based Cimos gave the green light for the sale last week. The debt-ridden parent company, which employs some 7,000 people in Slovenia and abroad, is also gearing up to sell its subsidiary Litostroj Power and two subsidiaries in Bosnia-Herzegovina, the daily Dnevnik reported recently.

The group around Cimos posted a EUR 98m loss in 2012, down from a minor profit the year before. Sales revenues dropped from EUR 455.6m in 2011 to EUR 417.5m last year.

The European Commission recently ruled that a EUR 35m state guarantee for the troubled company was in line with EU state aid rules. It approved the measure temporarily, until it can take a position on the restructuring plan to be submitted by Slovenia by 21 November.

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