Business News

TVM Looking At Solution in Form of Dutch Company DuraCar

Maribor, 20 July (STA) - The Maribor-based bus maker, TVM, which has been in receivership since March, has confirmed for the STA that Dutch electric vehicle manufacturer DuraCar is planning to take the company under its wing.

Responding to a report by the daily Vecer, TVM receiver Alja Markovic Cas told the STA on Monday that the Dutch company wants to first lease TVM for a year, rehire the former workers and later possibly buy TVM.

"We first needed to take care of legal matters and at the end of August this could in fact get under way," she said.

DuraCar, which established Slovenia-based company DuraBus for this purpose, plans to hire at least 70 of TVM's former workers and buy the EUR 2.2m worth of products in storage that TVM received from Saudi company Al Amad as an advance payment for 15 buses.

This would also resolve TVM's failure to meet its commitments related to the Saudi order, as talks between Slovenian, Saudi and Dutch representatives have brought an agreement on further cooperation.

"If all goes well, the production of buses will resume and jobs will be available...They [the Dutch] have a long-term interest. They are not hiding this. They want to buy TVM and have serious plans," Markovic Cas said.

The management of TVM, which had already been struggling for two years, filed for receivership at the start of March following unsuccessful talks of the company's owner, logistics group Viator & Vektor, with potential strategic partners or buyers. A total of 129 workers were left jobless.

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