Bidding period extended for farm tire maker Rumaguma

BELGRADE, Yugoslavia (Oct. 4)—The closing date for bids to acquire a 67.6-percent stake in tire maker Rumaguma A.D. has been extended by one month to Nov. 15, Serbia's Privatization Agency has announced. Based in Ruma in northwest Serbia, Rumaguma produces mainly tractor tires, with an annual capacity of around 12 million metric tons. The company employs 675 and reported sales in 2000 of around $8 million, about 70 percent from exports. In 1997, Rumaguma entered an off-take production agreement to produce agricultural tires for Continental A.G. of Hanover, Germany. The contract was estimated to be worth around $30 million and to cover much of the Serbian company's output. Serbia's privatization program also includes synthetic latex manufacturer PKS-Latex and Vulkan, which makes conveyor belts and rubber components.