Bankrupt Serbian defence and heavy vehicle manufacturer IMK 14 Oktobar is to be acquired by Czech-owned company Czechoslovak Group (CSG), the company has announced.
Following the approval of IMK 14 Oktobar’s creditors and the Serbian Bankruptcy Supervision Agency, ownership of the company was agreed for an undisclosed sum.
In a statement released on 5 October, CEO of CSG Michal Strnad said: “We are very pleased to be able to save another traditional industrial enterprise that has had problems in recent years, but which also has great potential to return to prosperity. Serbian company IMK 14 Oktobar needs to relaunch production and secure enough orders.
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