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An EUR 7.5 million plant belonging to car trailer parts manufacturer Knott Autoflex Yug was ceremonially opened in Bečej, northern Serbia, on January 15 in the presence of Serbia’s President Aleksandar Vučić, Serb news agency Tanjug reported.

The Development Agency of Serbia contributed EUR 250,000 to the investment, which will hire 82 workers, the news wire said. The factory’s annual production capacity is 20,000 tonnes of parts.

In February 2017, Knott Autoflex Yug opened a 9,500 square metre plant worth EUR 1.3 million. The company was established in 2003 by the Kecskemét, Hungary-based Autoflex Knott and the Serbian Knezev Group.

The Hungarian company has a 51% stake and Knezev Group owns the remaining 49% of shares, Tanjug says.