Belgrade, 19 March (STA) - Zvezda-Helios, a Serbia-based member of the group around coatings maker Helios, has opened in Gornji Milanovac a new factory for the production of powder coatings used in construction. Zvezda-Helios spent EUR 2.5m on investments last year, the bulk of which went for the new production unit, the company said on Monday.
The investment will enable Helios to expand its product range and above all means the transfer of production closer to the Serbian and neighbouring markers, the release says.
The powdered coatings are used for facades and are part of Helios's decorative coatings product line, which generated 23% of the group's revenue last year.
The Helios group reported last Friday EUR 337.5m in net sales revenue for 2011, a 12% increase on 2010. Operating profit was up 20% to EUR 7.9m, but net profit was down 45% to EUR 1.3m.
The management of the Domžale-based company expects EUR 362m in net sales revenues at group level for 2012 and a net profit of EUR 6.7m.