January 9 (SeeNews) - Serbian state-owned holding group Yumco plans to open a textile facility in Bujanovac, in the country's south, by the end of this month, the managing director of the company, Branislav Trajkovic, has said.
The company has managed to recover the confidence of its customers and aims to hire more employees at its factories in Vranje, Vladicin Han, Poljanci and Radovnici, Trajkovic said in a video file posted on the YouTube channel of local broadcaster Vranjska Plus on Saturday.
Yumco increased its exports by 5% and invested 500,000 euro ($596,000) in improving its logistics infrastructure in 2017.
"Yumco factories were engaged in producing uniforms for the armies of Germany, Finland and Italy," Trajkovic said.
The Serbian government adopted a capital restructuring plan of Yumco on December 21, obliging state-owned creditors to convert their debt into shares in the company, he added.
"The company is mostly indebted to state-owned creditors, holding about 80% of the total debt."
In September, the Serbian government said Yumco opened a unit for production of bulletproof vests at its factory in Vranje and intends to hire 150 workers for the unit's operation.
($ = 0.838516 euro)