Pervanovo buys veneer factory Furnir Otok from Jovic

06.09.2018 − 

Following the clarification of the shareholder relationship between Faunus and Jozo Jovic regarding the shares in the Croatian veneer factory Furnir Otok, which was completed on 20 August, 2018, Pervanovo Invest acquired all of Jovic's shares. This is stated in a statement published on 4 August by Pervanovo Invest. After the undisclosed purchase price for the plant has already been paid, closing is expected by mid-September. Pervanovo started negotiations with Jovic about a year ago. Due to the unclear ownership situation, however, these negotiations took longer than planned.

The veneer plant in Otok will trade as Bjelin Otok in the future. On one hand, veneer is to be produced for the powder-based hard floorings of the "Woodura" brand. On the other hand, Furnir Otok's existing customers will continue to be supplied. In a first step, production will therefore be increased from currently 7.5m m² to 15m m². In a second step, production is to be expanded to 20m m², which would correspond to about half of the current total veneer production in Croatia of an estimated 40m m². For the current year, the veneer plant has concluded a roundwood supply contract with the Croatian state forestry company Hrvatske Šume for 8,000 m³ of oak roundwood.

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