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LJUBLJANA (Slovenia), August 9 (SeeNews) – Slovenia's ailing car parts maker Cimos Group plans to close its factory in Zenica, Bosnia as part of its restructuring plan, Slovenian media reported on Tuesday.
Cimos Group launched the process for the closure of the metal casting plant on August 1 after talks with potential investors failed, Slovenian news agency STA quoted sources from the company as saying.
The Slovenian car parts maker will ensure making severance pay to the laid-off employees and will also support them in finding a new job, Cimos Group said.
The restructuring process includes sales and shutting down individual business units or companies, which will have long-term positive effects and help boost the group's competitiveness, Cimos noted.
In May, Slovenia's 'bad bank', DUTB, said it has completed the sale of state-owned Cimos to TCH Cogeme, part of Italy's investment firm Palladio Holding Group, for 100,000 euro ($117,344).
The Koper-headquartered group manufactures mainly turbo compressor and turbine housings, power train components, chassis and car-body parts.