“We are considering opening a Vulcan subsidiary in South America, primarily to reduce transportation costs. I will seek local partners, to whom we can offer minority stock,” Tender told Business Standard. He added that it could be the only decision to expand this year, as other investments announced last year are frozen due to a lack of financing.
“One thing I am sure of is that we lack funds needed to continue the launched investments. We are talking about dozens of millions of euro to develop operations in our Serbian and Slovenian-based factories,” Tender said. He added that his main sources of financing - real estate and stock sale – have disappeared for the moment, given that both markets are down.
