Italy's Camapel To Revive Serbian Tannery Partizan - Media

The deal is to be signed on October 25 and will secure supplies of raw materials and working capital needed for Partizan’s operation, the town of Kragujevac where the company is based, said in a statement posted on its website.

With the help of Camapel, the factory could restart operations at full swing as of 2009. Currently just 38 of the 117 employees of Serbia’s oldest tannery are employed, while the others are on a forced leave.

Serbia sold Partizan in 2004 with an outstanding debt of 136 million dinars ($2.3 million/1.7 million euro). The government's privatisation agency cancelled the contract in 2008 afte the new owner accrued a further 310 million dinar debt.

(1 euro = 80.1394 Serbian dinars)