Investment of 50 million euros in Serbian Glass Factory

- Total of 50 million euros will be invested in modernization of Serbian Glass Factory in Paracin - the company's management announced yesterday.

Srbijagas CEO Dusan Bajatovic said at the press conference that was held one year ago, after Srbijagas had taken over the majority share in the Paracin-based glassworks, that there would be no dismissal of workers in that factory.

- The primary goal is realization of the investment plan within next two years, the first phase of which is worth 17.5 million euros - said Bajatovic.

He added that that money would not be invested by Srbijagas, but that the glass factory would take out the loan for that purpose.

Bajatovic also said that it was expected that the sale of at least half of about 12 million euros worth of stocks of products be sold and that 7 million euros worth of receivables be collected.

- That would enable payment of contributions for medical insurance for about 1,800 workers of the glass factory - said Bajatovic.

Bogdanovic said that the plans were being made with the partners from Italy for further renewal of production.