Palladio Finanziaria will pay 110 million euros for Cimos, take over part of the company’s debt, and recapitalize the car parts maker to the tune of 20 million euros. Economy minister Zdravko Počivalšek also confirmed that Slovenia and Croatia have reached an agreement on the sale of the Koper-based car parts manufacturer. “Despite all the problems in the past, we can be optimistic about the future of Cimos,” said Počivalšek, adding the deal is almost finalized. Once the deal is signed, it will be submitted to Palladio Finanziaria for approval.

Počivalšek refused to disclose the full details of the deal, stressing that he wants it to go ahead as soon as possible. He only said that the talks between him and his Croatian counterpart, Goran Marić, form the basis of the agreement. The deal is expected to solve a 20-year dispute and save 4000 jobs. Cimos was brought to the verge of bankruptcy by excessive loans, but Palladio Financaria announced some time ago that it could return the company into the black within two or three years.

Even though Počivalšek and Marić already reached an agreement on the sale of Cimos to Palladio Financaria in late January, Croatia later pulled out of the deal. Croatia wanted Palladio Financaria to preserve all jobs in Cimos’ Croatian subsidiaries over the next 2 years, but Palladio Financaria refused to agree to these terms.

L. L.; translated by D. V.