France's Le Belier, Europe's leading producer of aluminium parts for the world car industry, and Serbia's largest drilling machine maker Livnica Kikinda, have set up a joint venture called Le Belier - Kikinda Livnica, to bring the Serbian producer back to the European market.

Le Belier will invest 3.1m euros in the new company in which it will hold a 47.9% stake. Le Belier's Hungarian branch will invest 2m euros in equipment and take a 31.1% stake. Livnica Kikinda will own 21% of the company, investing 1.35m euros in its facilities.

The newly-established company will employ 375 workers by 2005. Annual production is to reach 3.1k tonnes of automobile castings by 2005, which should yield 15m euros in annual revenues. Production will start this August.

The joint venture aims to supply the European car industry, particularly renowned producers such as Renault, Peugeot, Bosch and Garrett. Le Belier Group covers 66% of the European car industry and is the largest supplier of aluminium castings in Europe.

The company has production facilities in France, Italy, Hungary, China and Mexico.

(NewsBase 25.iv.03)