Greek investors invest 6m EUR in modernization of former factory "Milan Vidok" in Futog

- By the end of 2006, Greek ASCO Group intends to invest 6m EUR into equipping and expanding part of the wire production factory and in the construction of a factory for the industrial production of bars, in the make up of “Milan Vidak”, in Futog - the president of ASCO Group, Lefteris Kaltapanidis, stated.

Following the purchase of company “Milan Vidak”, company ASCO Vidak was created and it was officially put into operation on February 1, 2006.

With the modernization of production and the reorganization of the factory, the Greeks intend to create conditions for the export of 60% of production and, according to Kaltapanidis, they are counting on the markets of all former Yugoslav republics, as well as Austria, Hungary, Greece, Israel, Cyprus, Turkey, Romania and Arabian countries.

The new owners are already negotiating with Novi Sad-based company "Petar Drapšin" on founding of a branch organization. Also, the agreement was reached on procurement of 65% of Belgrade-based company "Ruben metals", which will carry out the marketing activities for company "ASCO Vidak". Also, the talks with Novi Sad-based company "Modelar" about joint investment in the company that will deal with artistic casting were underway.

Kaltapanidis said that the talks with čačak-based "Unipromet" on establishing joint venture, which would take part in the tenders for construction of road network, were close to end.

ASCO group is trying to found the Free Zone on the entire surface of the factory of about 36 ha, which would gather foreign investors, mainly from the field of metal processing.