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Serbia Embarks on Third Attempt to Sell Farm-Equipment Maker IMT

Serbia is accepting bids for state-owned farm-equipment maker Industrija Masina i Traktora AD in a third attempt to sell its 94.5 percent stake.

The Belgrade-based company, known as IMT, had a 609 million-dinar ($7 million) operating loss last year on production of just 1,000 tractors, according to a statement posted today on the Privatization Agency’s website.

Potential suitors have a week to express interest in IMT’s assets, which include a 36 hectare (89 acre) compound in a residential area of the Serbian capital.

The government has already tried twice before to sell the factory that used to make 40,000 tractors annually before the collapse of the market in the former Yugoslavia. Last month, the government said Turkish tractor maker Tumosan Motor Ve Traktor Sanayi AS, part of Albayrak group, was interested in cooperating with IMT.

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