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AFP
Published
May 13, 2011
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Benetton buys Serbian textile company

By
AFP
Published
May 13, 2011

May 13 - Italian fashion label Benetton has bought leading Serbian state owned textile company Nitex, officials said Friday, hailing a "new step" in strategic partnerships with multinationals.

Benetton
Benetton's campaign

Benetton paid 3.01 million euros for Nitex and, according to the deal reached with Serbia's Privatisation agency, will hire 2,700 people and invest 43 million euros in the company.

Benetton is looking for an annual turnover of 72 million euros ($102 million) from its newest textile company.

"The arrival of international giants like Benetton is a new step in making strategic partnerships with big world companies like Fiat," the government's privatisation agency said in a statement.

The investment was supported by Serbia's government and economy ministry which will offer Benetton a stimulus for hiring and training workers and administrative and infrastructure support, it added.

Italy has been one of the major investors in Serbia's economy, with a landmark majority takeover of the former state-owned Zastava car plant in 2009.

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