Business News

Elan Yachts to Retain Name Despite Change of Owner

Portoroz, 12 May (STA) - A month after buying the motor boat division of sports goods equipment maker Elan for EUR 2m, the Ljubljana-based BNC said Wednesday it would continue production at the plant in Obrovac, Croatia and preserve the Elan Motor Yacht brand.

Large-scale production and sales will be launched in September, BNC owner and boss Matjaz Avsic told the press.

Elan remains owner of the brand but BNC has the right to use it for seven years for a fee equaling 1.5% of the sales value of each boat.

All 34 employees at the Obrovac plant will stay on, Avsic said, adding that production of 20 yachts a year would make for a viable business.

Elan decided in early March to sell the motor boat division and focus on sail boats.

CEO Robert Ferko told the STA in late March that the plant would be shut down if Elan was unable to find a buyer.

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