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Serbia annexes brewer

This article was originally published in Foodnews

THE Serbian government has become the sole owner of one of the country's oldest breweries, Valjevska Pivara, after acquiring a tax, excise duty and interest debt worth RSD2.0 billion (EUR19.0 million) from the company's former shareholders, according to Belgrade-based media. Colin Graham writes: Under the restructuring plan that has been devised as a result of the takeover, the brewery's workforce will be reduced from 230 to 200 employees. Valjevska Pivara's main shareholders until the state's intervention were the domestic engineering company, Ekspress Gradina (57.2% stake), the Serbian insurance firm, Triglav Kopaonik (15.07%) and the local branch of the Greek Piraeus Bank (5.02%). Despite its current bankrupt status the brewery is due to produce 80 000 hectolitres of beer in 2010.

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