Mulk Holdings has acquired a large 10 acre asset in Serbia and announced an investment of $20 million toward the establishment of a new production facility in Europe.
This strategic move is in line with the company's continued expansion program of establishing manufacturing plants close to demand markets.
The facility, situated in the Nemanjina Street, Banatski Karlovac, Serbia, 60km from Belgrade (capital of Serbia), will have a state-of-the art production facility with a 3,000 square meters office and showroom space and 10,000 square meters of production Area which will be built in several phases.
The new factory will have a capacity of 3 million m2 of fire rated metal composite panels and 10,000 tons of color coated coils.
Shaji Ul Mulk, Chairman of Mulk Holdings International, said: "Our Investment in Europe started last year with the establishment of Alubond Europe in Pancevo, Serbia in a leased facility. We made this investment in Europe during acute global recession and surprised many by this aggressive move. I am lucky to have able leaders like Sanja Uzelac and Violeta Svilokos who have shown exemplary commitment and drive to make Alubond Europe a success story. We are now encouraged to invest further by acquiring this new asset and increasing our capabilities in Europe.
"Our new Expansion will create employment opportunities and further investment to assist the government in its aims to promote international investment and improve the economic standards of the local municipality. We would like to thank the Municipality of Alibunar (Banatski Karlovac), Serbia for their assistance and giving us this opportunity to grow our business in Europe. We look forward to a successful relationship in the years to come."