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Tigar opens new rubber footwear factory
26
Dec '08
The Tigar Corporation officially initiated operations at its new rubber footwear factory; the factory is the largest and most modern plant of its kind in Europe.

The new facility, which reflects an investment of 17.6 million euros, was financed by Tigar and DEG-Deutsche investitions- und entwicklungsgesellschaft MBH; the German financial institution granted a long-term capital loan in the amount of seven million euros.

Tigar Footwear manufactures high-end sophisticated rubber footwear, certified in EU countries and in Canada, with most products intended for the export market. The product assortment encompasses a wide specter of rubber footwear for various uses, manufactured in compliance with specific environmental standards. The most important segment consists of safety footwear for professional use, intended to protect the user from injuries and designed to address the most extreme challenges of the work environment.

The full implementation of this project will be completed in June 2009, with a total planned capacity of 4 million pairs of footwear a year. The three-year income from sales is expected to be some 75 million euros. The construction and initiation of the new footwear factory is part of a 32 million euro investment project, which will make the Tigar III complex one of the leading industrial centers in the Balkans.

The ceremony at the formal opening of the plant was attended by Ms. Verica Kalanovic, Minister of the National Investment Plan, Mr. Hubertus Graf von Plettenberg, Senior Vice-President of DEG, a number of DEG representatives, representatives of the German Embassy in Serbia, local officials, and a number of Tigar's business partners.

In his address, Mr. Dragan Nikolic, CEO of the Tigar Corporation, pointed out that this project is a good example of synergy between the corporation, its shareholders, employees and managers, the state, and an international financial institution, stressing that its completion will contribute to the positioning of Tigar among a group of leading manufacturers of rubber footwear of the highest quality, certified abroad and generally intended for export.

DEG's representative, Mr. Hubertus Graf von Plettenberg, stated that the project represents a successful investment and that DEG is prepared to support other projects in Serbia and the region in a similar manner. Ms. Juridit Singer Karter, Secretary of the German Embassy in Belgrade, concurred.

Ms. Verica Kalanovic, Minister of the National Investment Plan, pointed out that in difficult financial times good projects find financiers and a path to the marketplace, and that this project shows that Serbia is a country flush with investment opportunities.

The Prime Minister of Serbia, Mr. Mirko Cvetkovic, who was unable to attend the event, sent a message in which he emphasized the importance of this project and wished a successful future to the largest rubber footwear factory in Europe.

Tigar Corporation

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