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CORPORATE BRIEFS

ZTS TEES engineering company signs supply contract with India

Jaroslav Balogh, the general director of engineering company ZTS TEES Martin, signed a contract for supply of armaments with India on Friday, March 26.

According to the company's spokesman, the contract covers the delivery of salvage tanks for disengaging of stuck heavy military equipment and is worth $65 million.

The lucrative contract will enable the recreation of 350-500 jobs lost at the company in December, the spokesman announced. He added that ZTS TEES won the contract in cooperation the with UNIMPEX Martin company.

ZTS TEES also announced that another interesting contract is on the horizon. Tumys, a Slovak company, would pay ZTS TEES for 100 tractors to be exported to the Ukraine, and would then would import sunflower seeds from Ukraine to Slovakia. In order to support this contract, the Slovak government recently approved a temporary change in customs duty and import quota for sunflower seeds.

According to preliminary figures, the struggling engineering company estimates its 1998 sales at 818 million crowns. The company plans to produce goods worth 1.8 to 1.9 billion crowns this year.

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