Buyers to take over assets of troubled clothing manufacturer Styl
A foreign and a Hungarian strategic investor, along with the local council of Szombathely, in western Hungary, will assume ownership of the assets of clothing manufacturer Styl following its liquidation, according to Hungarian news agency MTI.
The new proprietors, which will also include some of the companyʼs management, declined to comment on the acquisition, but said – through liquidator Vectigalis – that they would announce their plans for the factory when they establish the company that will take it over.
Vectigalis head Márta Péter said the purchase price for the assets is HUF 970 mln. According to Péter, regional MP Csaba Hende announced in December that the state would grant HUF 1.47 bln in support to the local government to preserve the 600 jobs at the plant. The purchasers of the assets, which include Stylʼs largest domestic business partner, will set up a company at the end of May, Péter added.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.