German company Muehlbauer has started building a factory for assembling machines used to make battery cells and fuel cells in the northern Serbia town of Stara Pazova, president Aleksandar Vucic said on Thursday.

The investment would be worth EUR30m (US$32.4m) and 150 people will be employed at the factory, Vucic said as seen in a YouTube video posted by news agency Tanjug.

According to, Muehlbauer, established in 1981, has facilities in the US, Germany, Slovakia, Serbia, Bosnia & Herzegovina, Malaysia and China.

Its key markets are mainly European countries and the US.

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By GlobalData