Successful even after privatization - Subotica's Elektroremont builds new factory building

In the time when bad privatizations are in the spotlight, there is one shining example in Subotica. Privatization of Elektroremont was successful and its new owners now invest in knowledge and quality work, Energy Adviser to the Serbian PM Petar Skundric said at a celebration of the 60th anniversary of that company.

Elektroremont is one of the largest companies engaged in the overhaul of electrical appliances and equipment in the territory of ex-Yugoslavia. It was privatized in 2005, when it became a property of Italy's Applicazioni Elettriche Generali.

According to Elektroremont Executive Director Karmine Taral, RSD 160 million have been invested in that company since its privatization until today, and the plan is to build a new 1,200 sqm factory building, which will lead to the creation of new jobs.

- Since we bought the company, performance has leaped 360 percent, while profit has grown by more than 400 percent. There have been no layoffs, and we've even hired 12 new workers over the past three years. The number of clients has been increased by 20 percent - said Taral.

Elektroremont exists since 1953 and now employs 160 people. It exports about 50 percent of production, mainly to Greece, Belgium, Czech Republic and ex-Yugoslav republics.