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Liquidator issues puts property of Savcor's Hungarian unit up for sale

Liquidator Kerszi has offered the property of the closed Finnish Savcor Face Group unit in Komárom (N Hungary) for sale at a price of HUF 1.8 billion, the business daily Napi Gazdaság reported, citing bailiff Sándor Gazda-Pusztai.

The property includes the Savcor unit's five-year-old, 6,000-square-meter production hall and three-floor service building.

The Savcor Face Group unit manufactured metal electromagnetic screening components, selling 75% of its production to Finnish multinational corporation Nokia.

The unit underwent liquidation at the beginning of 2011 having accumulated liabilities of HUF 2.9 billion.

The newspaper said that Savcor's Hungarian unit began losing money as a result of competition from Asia and the global financial and economic crisis.