New owner of Pirot-based factory "Prvi maj" announced investments of 4m EUR in revival of production

The owner of Pirot-based Textile Industry "Prvi maj" - a consortium from Belgrade consisting of "Irva investicije" and Trade company "Jabuka", which bought that factory for 1.75m EUR, promised not to dismiss any workers within the next year and that it will accept supplement to the social program, that is, that it will pay the late claims of the workers in amount of 120m RSD.

General Manager of "Prvi maj", Miroslav Golubović, said that it was the only way out from the difficult situation in which the Pirot factory is.

- We were threatened by the danger from bankruptcy, but we managed to find a way out. I expect that the owner will have the production resumed. We are giving them a brand that already found its way to the domestic consumers and to European market through the loan works - said Golubović.

He pointed out that the investment of 4m EUR, as well as better organization of the work, would give good results. Having signed the sales contract, the buyer accepted to pay the commercial obligations worth about 8m EUR and the State wrote off the debt of 9m EUR. The social program has also been completed successfully.