The Penta private equity group has revived the production in former Novoker and further continues in a stabilization of the business. During the next months, it plans to create presumptions for the assumption of most of the current employees and provide them with a perspective in the new company.
“As we have already declared several months ago, it has been necessary to act quickly to avoid the complete cessation of the production existence. From the last week, the production has functioned in a full capacity; we have invested more than SKK 30 million in its renewal,” Jozef Špirko, a partner of the Penta private equity group said.
Penta has already assumed 90% of the property from BPS, being the owner of former Novoker. However, the production itself will continue under the new company, which will not be connected to the BPS structure.
“Our steps lead towards the creation of a transparent ownership structure and overall stabilization of the production. This is also a reason, why we are optimists in the issue of searching for and subsequent entry of a strategic invest,” Jozef Špirko concluded.
Penta in Novoker:
- At the end of July 2007, the Penta private equity group assumed, based on the initiative of shareholders of BPS (former Novoker), receivables of BPS towards Slovenská sporiteľňa. It has decided to sell its receivables in May 2007 through the public auction institute,
- BPS´s shareholders have signed a Memorandum of Understanding with Penta, where they have undertaken to provide cooperation in order to lead the business out of the crisis, stabilize the production, and prepare it for a sale to a strategic investor.