February 6 (SeeNews) - Serbian defence minister Zoran Djordjevic said state-owned military equipment maker Sloboda plans to invest 14.8 million euro ($15.9 million) in improving the safety conditions at its factory.
The company has already invested 6 million euro of the total planned amount in the acquisition of equipment and 2.8 million euro in construction works, Djordjevic said during the official opening of a metal moulding unit at Sloboda's factory in Cacak, in central Serbia, as quoted in a defence ministry statement on Friday.
Sloboda increased its output by 70% in 2016 and expects to double its annual production in 2017, the managing director of the company, Zoran Stefanovic, said in the statement.
It has signed contracts ensuring full employment by the end of 2018, Stefanovic pointed out.
Sloboda produces ammunition for aircraft and anti-aircraft guns, hand, rifle and anti-tank grenades, grenade launchers and artillery ammunition.
The company, which employs 1,900, exports 90% of its production.
($ = 0.9324 euro)