BELGRADE (Serbia), June 30 (SeeNews) – Italian producer of farm machines Goldoni is ready to acquire Serbian engines manufacturer 21. Maj and to invest 10 million euro ($14.5 million) in it over the next three years, Serbia’s Economy Ministry said.
Goldoni is ready to buy 70.63% of Belgrade-based 21. Maj within a month and immediately start investing in upgrades and supply of new equipment, Economy Minister Nebojsa Ciric said in a statement on Wednesday after signing a letter of intent on the acquisition with the head of the Italian company, Andrea Goldoni.
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Ciric said production at full capacity could start at the end of 2011 or the beginning of 2012. The revamped plant would employ 400 workers.
Goldoni produces two-wheeled tractors and specialised tractors for orchards and vineyards.
($=0.6901 euro)