Government to seek strategic partner for state-run Trenčín companies

The government will start looking for a strategic partner for state-run repair companies Vojenský Opravárenský Podnik Trenčín and Letecké Opravovne Trenčín, with legal consultancy costs reaching altogether €360,000 in 2013 and 2014. The state should remain a 100-percent owner of both firms, according to the document that the government will discuss on July 10. If the state does not find an investor, the companies will have to lay off hundreds of employees, the SITA newswire reported.

The government will start looking for a strategic partner for state-run repair companies Vojenský Opravárenský Podnik Trenčín and Letecké Opravovne Trenčín, with legal consultancy costs reaching altogether €360,000 in 2013 and 2014. The state should remain a 100-percent owner of both firms, according to the document that the government will discuss on July 10. If the state does not find an investor, the companies will have to lay off hundreds of employees, the SITA newswire reported.

Slovakia plans to rent the two firms over the following 20 years, the document shows.

“The economic situation of companies Vojenský Opravárenský Podnik Trenčín and Letecké Opravovne Trenčín is persistently unfavourable, therefore it is necessary to pass crucial decision over the future operation of the firms,” reads the document, as reported by SITA.

Both companies reported negative economic results over the past few years, while they have not realised any significant investments, the Defence Ministry said, adding that orders from the ministry represented about 80 percent of their total revenues.

Slovak Democratic and Christian Union (SDKÚ) MP Martin Fedor calls the Defence Ministry’s intention a form of hidden privatisation of military companies. He called on Defence Minister Martin Glváč on May 14 to explain to the deputies the planned steps, SITA reported.

Source: SITA

Compiled by Radka Minarechová from press reports

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