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The Government of the Republic of Serbia

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Bubalo opens reconstructed factory of agricultural machines in Novi Knezevac

Novi Knezevac, 14 April 2006

Serbian Minister of Economy Predrag Bubalo formally opened today a reconstructed factory of agricultural machines TPS Novi Knezevac, which is part of Slovenian company CIMOS based in Koper.

Since 2005, this factory has been operating as part of Labinproges TPS from the town of Labin on the Croatian peninsula of Istria. Labinprogres TPS is the largest producer of agricultural equipment in southeastern Europe and it became a daughter company of CIMOS in 2001.

The programme of revitalisation of the factory in Novi Knezevac envisages creating 250 jobs within 3 years, attracting investment worth over €6.5 million, establishing a regional distribution centre, developing and producing connections for agricultural machines, as well as winning a leading position in the production of car parts.

Speaking at the opening ceremony, Bubalo said that the factory's renovation is the first step in the process of reconstruction of its capacities, introduction of new programmes, technologies and investments, while for Novi Knezevac and Serbia, it means new job opportunities.

According to the Minister of Economy, new workplaces in itself give hope that these difficult times are coming to an end, and that hard work, knowledge and skills can lead Serbia to prosperity, which is one of the goals of the privatisation process.

He explained that the domestic economy must seek its place on the world market because only an export-oriented economy can bring prosperity.

He added that the production programme of Labinprogres TPS from Labin has been practically moved to Novi Knezevac.

The revitalisation of Novi Knezevac's factory as a former production plant of the foundry from Kikinda cost €950,000, it currently employs 20 staff, while additional 250 workplaces should be opened within the next three years.