Djuro Djakovic Seeks Strategic Partner Amid Restructuring

Lauren Simmonds

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As Poslovni Dnevnik writes, Djuro Djakovic’s restructuring process has now begun, and a strategic partner is actively being sought, without whom it will be difficult for the Croatian company to be able to stand on its own two feet.

The halls of Djuro Djakovic’s Special Vehicles are working at full steam, they are the largest within the wider Djuro Djakovic group, and freight wagons are their current trump card, HRT writes.

”They have reduced losses on the wagons and have managed to reach the stage of operating for certain months with profit,” said the President of the Management Board of the Djuro Djakovic Group, Hrvoje Kekez.

”So far things are good, we’ll have to see what will happen later,” said Sinisa Rajkovic, a Djuro Djakovic Special Vehicles employee, adding that they say the company is now moving in the right direction. In fact, they’re moving in only possible one, which is the direction of proper restructuring under the watchful eye of the EU’s capital of Brussels.

”This year has started out in a much better way. As the company’s management has informed us, the agreement that has been reached is good,” said Ivan Baric, Deputy Trade Union Commissioner in the Djuro Djakovic Special Vehicles company.

Last year, which was horrendous for the majority of companies, the company started with massive debts of 600 million kuna. To prevent them from slipping into bankruptcy, the state helped with a loan guarantee of 300 million kuna. Now they are working again, bringing order to the table and seeking a strategic partner. Two non-binding offers came from the Enno Group of Pavle Vujnovac and a consortium of Czech companies that have recently owned a stake in Djuro Djakovic.

”I think that both potential investors have the strength and vision and certain needs for such a group,” stated Kekez.

The Metalworkers’ Union expects that the high level of social rights that Djuro Djaković’s employees have in the collective agreement which has been reached will be maintained, said Antun Stivic, Deputy President of the Croatian Metalworkers’ Union. The company’s employees want to believe in the survival of the company.

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