Renault has acquired a third of the equity capital of its Slovenian subsidiary Revoz held by local shareholders, giving it full ownership.
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“Located in the heart of an enlarged Europe, the Revoz plant at Novo Mesto, one of the most productive in the group, is a key component of Renault’s manufacturing system,” the company said in a statement.
Renault has acquired the 33.3% stake held by its longtime partner in Slovenia, IMV Holding, and private shareholders. The transfer of shares will be carried out on February 3, 2004.
Revoz is the only company manufacturing cars in Slovenia, which will join the European Union in May 2004. It is the country’s biggest industrial employer with a workforce of 2,142 and also the leading exporter.
The Revoz plant, located 70km (about 40 miles) to the south-east of the capital Ljubljana at Novo Mesto, is an integral part of Renault’s manufacturing system in Europe. It is one of three plants in Europe to produce the Clio, alongside Flins in France and Valladolid in Spain. Production totalled 118,200 units in 2003.
It is the sixth most productive car plant in Europe, all manufacturers combined and has benefited from investment of almost €400 million since it was built. Its performance in the area of quality, cost and delivery times ranks it among the Renault group’s most efficient industrial sites in Europe.
In 1972 Renault signed an agreement with the company Industrija Motornih Vozil (IMV = industry of motorised vehicles) to produce the 4. In 1988 both partners founded Revoz, which became a limited company in 1990. Renault became the majority shareholder in 1991 with a 54% equity stake, and increased its shareholding to 66.7% at the end of 2001. The remaining stake was held by IMV and private investment funds which acquired shareholdings during the privatisation of the Slovenian economy.
