Croatia's Djuro Djakovic Special Vehicles appoints new management

The company made the announcement in a brief filing with the Zagreb bourse without providing further details.

The previous management resigned after it failed to solve the company's financial problems.

It made several unsuccessful attempts to raise financing in order to deliver on DDSV's commitments on signed contracts securing employment for a further 18 months, including the completion of more than 100 railcars.

According to local media reports, the workers of the company are on strike as their last two salaries have not been paid.

Last week, Croatia's prime minister Andrej Plenkovic said that the government is working on securing wages for the workers and on a long-term sustainable solution.

Over the past 10 years, DDSV has developed, manufactured and delivered a variety of freight railway cars for clients in Western Europe.

The company is also active in the production of armoured combat vehicles and develops a tank modernization programme, in line with the newest military technologies that include mobility upgrading, firepower enhancement and survivability improvement.