March 26 (SeeNews) - Serbia's state-owned hydraulic and pneumatic equipment manufacturer PPT Namenska has invested 2.2 million euro ($2.7 million) in the overhaul of a production unit at its factory in Trstenik, the defence ministry said.
The company has hired 100 employees, while the total investment of the government in the modernisation of the factory in Trstenik, in central Serbia, stands at 3.5 million euro, the defence ministry said in a statement on Friday.
Exports of Serbia's defence industry rose 17% year-on-year in 2017, reaching 570 million euro, while this year they are expected to reach 600 million euro, defence minister Aleksandar Vulin said in the statement.
PPT Namenska is producing grenade launchers and mortars. As part of its civil programme, the company also produces servo valves, liquid packaging lines, cylinders and pumps.
($ = 0.807861 euro)