Austria's Gierlinger Holding takes over Serbia's SL Mitros - SNS

The Austrian company plans to invest 16 million euro ($18.1 million) in new equipment and to employ 380 workers in the first phase of its investments in SL Mitros, a statement posted on the SNS website said.

Production at the plant in Sremska Mitrovica should start in early July and the ultimate goal is to reach a headcount of 1,000 and to invest over 20 million euro into new equipment. Output is planned to be exported to the Russian and Chinese markets.

SL Mitros was bought by local firm Swisslion in 2005. Bankruptcy proceedings against the company were launched in 2009. After three unsuccessful attempts to sell it, its creditors accepted Gierlinger's acquisition offer earlier this month.

($=0.882 euro)