PPS Detva Holding in talks with Volvo

The troubled engineering company PPS Detva Holding says it is in talks with car manufacturer Volvo.

"[Volvo] does not want to buy the company, but wants a long-term partnership with us until 2010. They are prepared to invest €1.3 billion in new technology for the factory. Each year of cooperation with the company would bring ?5 billion in orders," PSS Detva Holding director Igor Chrápáň told the state news agency TASR.

The company believes this would result in an additional 150 jobs.

However, the talks depend on clarification of PSS Detva Holding's position with its creditors, who have not been able to agree on new ownership for the firm.

Compiled by Conrad Toft from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.


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