Swiss co GlobalGlass takes over insolvent Serbian co SFS

The Group will allocate over 100 million euro ($97.5 million) in the coming years to further modernise and expand business operations in Slovenia and Serbia in line with its ambitious growth plans for the European market, the Slovenian company said in a press release.

GlobalGlass Group will increase by around 30 tonnes per day its production capacities and the assortment of its products by investing in SFS, it added.

”The bulk of production in Serbia will involve glass for the food industry and supply of the Serbian market and markets of South-East Europe, where there is a shortage of supply," Petar Cas, CEO of Steklarna Hrastnik, was quoted as saying.

The takeover of SFS is pending approval by the competition authorities and is expected to be completed by the end of the first quarter of 2023.

Earlier this week, Paracin city authorities announced that a public auction for SFS had failed.

SFS had been put up for sale on September 7.

(1 euro = 0.9751 dollars)