Natural stone extraction company Fox Marble Holdings has suspended operations at Malesheva quarry in Kosovo due to a dispute over a recent acquisition, the company said on July 18.
In May, Fox Marble acquired Green Power, which owns the licence for the Malesheva quarry and Scope for £1.3mn (€1.45mn). However, Green Power and Scope have challenged the acquisition agreement.
Fox Marble believes that the claims challenging the enforceability of the acquisition agreement of Green Power and Scope are wholly unfounded. The works will be stopped until the issue is solved, the company said in the statement.
“We are working hard to resolve this temporary difficulty in this one quarry and believe that our rights will be asserted successfully as has been the case in the past. In the meantime I anticipate that orders for our processed material from our factory will increase and we will update the market with growing sales of this higher margin part of our business,” Fox Marble CEO Chris Gilbert said.
In the meantime, Fox Marble is concentrating on its operations in the Cervenilla and Syrigane quarries in Kosovo.
Malisheva is located in the Prizren district in central Kosovo
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