Novkabel celebrates 90th anniversary - EUR 4.5 million investments in the pipeline

The biggest cable manufacturer in the Balkans, Novkabel, which operates as part of East Point Group, celebrated its 90th anniversary by commissioning "BS 2 sheathing line," which was ceremoniously put into operation by Novi Sad Mayor Milos Vucevic.

- During these nine decades of operations, despite numerous challenges, the factory Novkabel has been changing, developing, growing, and it has survived in the market and maintained its reputation of a stable partner in the production of cables and conductors - reads a release issued by Novkabel.

According to that release, since the privatization of Novkabel, new owners have been investing in both machines and human resources. A total of 13 new machines were bought, while many old ones were completely overhauled.

Aside from employees, the celebration was attended by domestic and foreign business partners, investors and representatives of local authorities and media.

- As a representative of Reconstruction Capital 2 and Darby Converging Europe Mezzanine Fund, owners of East Point Group and the factory Novkabel, I must point out that we always invest only in people and companies capable of responding to challenges. That is what we recognized at Novkabel and why we invested over EUR 5.5 million in its development. Our plan is to invest another EUR 4.5 million over the next year - said Ion Florescu, director and a member of the Managing Board of the fund Reconstruction Capital 2 (RC2) and a member of the Supervisory Board of Novkabel.

Dragan Cvetkovic, CEO of Novkabel, stated that after the period of stagnation in the 1990s, Novkabel was on a rise again thanks to fresh investments.

- We are buying machines, boosting production. Adapting to the market, we focus on exports. The company exports 70 percent of production, mainly to Russian Federation, but also to all neighboring countries as well as to the west and the east. We are currently the fourth largest exporter in Vojvodina - said Cvetkovic.