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Sep 18, 2007 13:20 EEST
ZAGREB (Croatia), September 18 (SeeNews) – U.S.-based Commercial Metals Company (CMC) has recently changed the name of its Croatian subsidiary, steel pipes manufacturer Cijevi Sisak, to CMC Sisak to reflect its recent takeover, the Croatian unit said on Tuesday.
“The change of name shows strong commitment to tie further the Sisak brand with the production of pipes of high quality,” CMC Sisak said in a statement.
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CMS, through its Swiss subsidiary Commercial Metals International, wrapped up a deal to buy from the Croatian government 100% of the debt-ridden Valjaonica Cijevi Sisak earlier this summer. The new owner paid 37 million kuna ($7.0 million/5.1 million euro) for the shares and covered the company's 250 million kuna debt to the government, commercial banks and creditors. As announced earlier, it plans to invest 517 million kuna in CMC Sisak in five years and sees the Croatian company as a platform to expand its business related to steel in southeastern Europe.
(1 euro= 7.3218 Croatian kuna)
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