The chemical company Cinkarna Celje, which specializes in the production of titanium-dioxide, is considering the construction of a factory in Serbia after 2020, and the investments would amount to 250 to 300 million euros, the director general of the company, Tomaz Bencina, said.
– The company has been given the green light from the Supervisory Board and will now survey the locations and prepare a feasibility study – Bencina told STA and called the decision a historical move for the company.
He said that the current location limited the expansion of the production.
– A greater expansion of the production of titanium-dioxide is possible only outside Celje – Bencina explained.
As the agency reports, he said that, due to environmental standards, such factories in the EU could only expand the existing production capacities.
According to its own report, Cinkarna is the smallest producer of titanium-dioxide in Europe, with a share of four to five percent of the European production and only 1% in the global production.
In the first three quarters of 2017, the company had sales revenues of EUR 143.6 million, which is 9% more than in the same period in 2016, whereas the net profit nearly tripled to EUR 25.5 million, The results for the entire year will be published in March.
Bencina said that net profit of around EUR 30 million was planned for 2018.