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Business

Ex-East German Brown Coal Firm Marks 10-Year Milestone

The Central German Brown Coal Society (Mibrag) celebrated its ten-year anniversary this weekend. Germanl Economy Minister Wolfgang Clement and the premier of Saxony-Anhalt Wolfgang Böhmer took part in the celebration in the town of Zeitz to commemorate the former East German company's landmark. In his speech, Böhmer thanked the American investors who pumped over €735 million ($888 million) in to save the Central German Brown Coal Works, the company's former incarnation, in 1994. The takeover ensured the future of active brown-coal mining in Central Germany as well as about 3000 jobs. He added that since then, brown coal had emerged as the most important energy source in the Central German region. Clement praised Mibrag for its contribution to the area. Mibrag distributes more than €100 million annually in orders to other firms in the region and helps support a great number of companies in Central Germany's economy while doing so.