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Turkey's CVS to buy Miskolc foundry

The Turkish CVS investment group has been in talks with officials from Hungary's government regarding the possible purchase of the dormant steel plant in the Diósgyőr district of the city of Miskolc (NE Hungary), the regional daily Észak-Magyarország reported on Thursday.

The newspaper said that representatives from CVS, which operates three steel plants in Turkey, and the government have met on several occasions over the past eight months to discuss the possible sale of historic foundry, but have been unable to reach an agreement.

The plant, which began operating 10km northwest of Diósgyőr in 1770 before moving production to its current location one-hundred years later, closed in early 2009.

The plant, known as the Lenin Metallurgical Works following its nationalization after the Second World War, was once the largest employer in Miskolc, engaging 15,000 workers in the mid-1970s. CVS would employ 600 or 700 workers at the foundry if it elects to go through with the purchase, the newspaper wrote.

The plant was privatized in 1991.