December 5 (SeeNews) - Croatian provider of assembling services for power, petrochemical and industrial facilities Djuro Djakovic Montaza said on Monday it is no longer part of German concern Bilfinger Power Systems and is now 100% in Croatian ownership.
The company has restored its old name Djuro Djakovic Montaza, it said in a statement. It was renamed to Bilfinger Djuro Djakovic in 2012 after entering the German concern in 2009.
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The sale process is being treated as a management-buyout under the lead of Drago Cugura, the long-term director of the company, Djuro Djakovic Montaza noted.
"The contracting parties have agreed that the conditions of the sale will remain secret," the company said.
Bilfinger's decision to divest its assets in Djuro Djakovic Montaza is in line with its strategy to reduce its investment portfolio and focus on engineering and maintenance services for the processing industry.
Slavonski Brod-based Djuro Djakovic Montaza has been operating for 90 years and currently employs 830 people.