The Municipal Court in Travnik today held a public auction for the sale of bankrupt Vitezit’s core business and Zubak took over that factory, based in the town of Vitez, at a price of €5.5 million.
The Viteski web portal reported that the Winsley Defence Group, headquartered in Odžak (BiH), has now become the owner of parts of the company that produces nitroglycerin, plastic explosives along with testing ranges, machines, plants and warehouses as well as the company’s other facilities.
Zubak’s company acquired Vitezit after three previous auctions failed.
According to the web portal the new owner announced the relaunching of production within 18 months and that he would employ 500 workers and invest €65 million into the company that should be capable of producing 4,000 tonnes of gunpowder a year.
For more on business in Croatia, follow the dedicated TCN section.
For more information about Vitezit, check out the documentary below, a Ring around Vitezit, with English subtitles.
