Norway's Rapp Marine Group buys production facility in Gruza for EUR 620,000

Director of the RAPP Zastava company from Kragujevac, Slobodan Milovanovic, has confirmed to Tanjug news agency that that company bought a production facility of the Kragujevac factory 21. oktobar in Gruza for about EUR 620,000 at an auction held on the premises of the Privatization Agency on Friday (7 June 2013).

RAPP Zastava is a property of Norway's RAPP Marina Group, which has been operating in Kragujevac since 2006, when it took over the Zastava Masine company, part of former Zastava Holding.

RAPP Zastava bought aforementioned production facility of the Kragujevac company 21. oktobar in Gruza, covering a surface area of about 10,000 square meters, together with all accompanying facilities and equipment as well as approximately four hectares of land.

The new owner is obligated to hire 11 permanent employees at this facility sold at a starting price of EUR 619,368.

RAPP Zastava is one of the most successfully privatized companies in Kragujevac, exporting its entire production of parts for ships, oil platforms and machines.

Last year this company increased its production by 65 percent from the previous two years.

RAPP Zastava in Kragujevac has over 120 employees with three quarters of them being production workers.