U.S. Cooper Tire to take over Krusevac-based Trayal tire factory until 22 January 2012

(Photo: Trayal)

The U.S. company Cooper Tire will official take over the factory of car tires in Krusevac until the week's end, when it is also expected to make the payment, Trayal Corporation PR Lenka Markovic told Tanjug news agency.

- U.S. Cooper Tire, which signed a preliminary agreement on the acquisition of Krusevac-based Trayal Corporation, was supposed to pay EUR 13 million until 16 January 2012. That did not happen today, and the payment is late due to technical problems - she added.

If Cooper Tire pays EUR 13 million until the week's end, as envisaged by the preliminary agreement, that money will be invested in the procurement of new equipment and raw materials, implementation of a social program and payment of liabilities to suppliers.

By the way, 70-percent stake in Trayal Corporation is currently held by Bulgaria's Brikel, whereas the state has got a 25-percent stake upon the conversion of Trayal's debt to Serbia, amounting to EUR 24 million, into shares.