It is a crucial week for Croatia’s Uljanik shipyard which has been plagued by the debt crisis. In order to avoid an all out strike by its employees tomorrow, the shipyard is trying to secure HRK 50m for unpaid wages. But this would not be the end of its problems, Croatia’s Večernji reports, since the company also lacks finance for the materials to complete the construction of the ships it already began working on. Last month the management board has put together a restructuring program, which was sent to Brussels, where the document is being analysed. It is becoming increasingly evident that bankruptcy is unavoidable unless the government adopts the same measures as it did in Agrokor’s case, Večernji list argues. According to Marko Delić, an investment banker and partner in Altera corporate finance, Uljanik’s situation is similar to Agrokor in 2017 and it would be necessary to secure finance to Uljanik for the continuation of operations, as the bankruptcy would have a significantly negative impact on the Croatian economy. The possibility of further business operations should be preserved, while the burdens from the past should be solved differently, argues Delić in Večernji list.
Swiss group E.G.O., the global leader in manufacturing parts for white goods and household appliances, has confirmed it will move part of its production from its Slovenian factory Eta Cerkno to its Croatian factory Elektrokontakt in Zagreb. The company announced that Elektrokontakt will deal with the increased work volume by reorganising workers within the factory and by employing temporary workers when necessary. “This is a win-win situation for E.G.O. group, Elektrokontakt and Eta Cerkno, and represents a good example of the flexibility and high quality of all jobs within E.G.O. group’s production network“, the company’s corporate communications said in their statement to Croatia’s Jutranji.hr.