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BUSINESS BRIEFS

PPS Detva buyer signs deal

KREMNICA-BASED company Sitno Holding has signed a contract on the sale of bankrupt engineering company PPS Detva Holding on July 4. Its new owner, Ľudovít Černák, promised to focus on civilian production and renamed the company PPS Group.

He promised that after Slovakia enters NATO, PPS would become a global producer of special technology.

Sitno Holding bought the company with its 550 employees for Sk150 million (€3.6 million) and sees the company's future in cooperation with Swedish carmaker Volvo.

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