January 10 (SeeNews) - Bosnian paint and varnish producer Terpentin is going to relaunch production in the eastern town of Visegrad at the beginning of March, the Visegrad municipality said.
Terpentin will be managed by its owner - Banja Luka-based Privredni Preporod, in cooperation with Visegrad-based Autometal, the municipality said in a statement earlier this week.
"We hope they will have a successful start of production and I believe they will succeed, at the same time they will have the support of the municipality and the Serb Republic government," the head of the Visegrad municipality, Mladen Djurevic, said in the statement, adding this is the only factory of its kind in Bosnia.
The owner of Autometal, Petar Djukanovic, said in the statement that Terpentin will produce larger packages of varnishes for railcar painting, road marking paint, various paints for metal products, as well as paint and coating for thermal power plants.
Terpentin was established in Visegrad in 1913. It used to produce various paints and varnishes for the wood, paper and metal industries, and to export its products to the Czech Republic, Ukraine and Poland, as well as in other European countries.
In 2008, Privredni Preporod bought Visegrad-based Terpentin for 2.2 million marka ($1.2 million/1.1 million euro) from its bankruptcy trustee, acting on behalf of Russian businessman Oleg Burlakov.
(1 euro = 1.95583 marka)