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Slovenia's Iskra sells Iran unit
March 20, 2012 / 8:58 AM / 6 years ago

Slovenia's Iskra sells Iran unit

LJUBLJANA, March 20 (Reuters) - Slovenian car parts maker Iskra Avtoelektrika sold its subsidiary in Iran because of difficult and unpredictable business conditions in that country, Iskra said in a statement on Tuesday.

The company was sold to an Iranian investor, it said without disclosing the value of the deal.

“In our daughter company Iskra Autoelectric Iran we worked for a long time on business improvements ... but a big fall of the local currency in December 2011 annulled our achievements,” the statement said.

It said payment conditions in Iran and from Iran have worsened further this year “because of the difficult political conditions and bad economic situation, therefore doing business has become very difficult”.

“On top of that international pressure on Iran is increasing, with the EU advising European companies to leave Iran, while there are also threats of armed attacks (on Iran),” Iskra Avtoelektrika said. (Reporting By Marja Novak; editing by Zoran Radosavljevic and Hans-Juergen Peters)

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