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Alumil from Serbia exports parts for Mercedes, but does not plan to expand in the region

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The Greek company that deals with the processing and production of aluminum products, Alumil, from its factory in Nova Pazova will start exporting aluminum profiles that will be found in new Mercedes models, said the general director of the company in Serbia, Stylianos Tsoktouridis.

“For the first time for Alumil Yu, we have broken into the car market with high added value. The Mercedes models GLA, GLB and GLC, which will be available in October 2024, will have aluminum profiles from the Alumil plant in Nova Pazova,” Tsoktouridis said.

The company, founded in 1988 in Greece and listed on the Athens Stock Exchange, currently operates in six countries and has 12 production facilities. As the director explains, there are currently no plans to expand to other countries in the region.

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“This year, our eyes are on Asia. We opened Alumil Thailand, and the Asian market as a whole is not developed enough and we see an opportunity there. We also want to invest in India, because it is a huge market. If I am not mistaken, India is currently the seventh economy of the world, and many expect that it could soon become the third largest,” said Tsoktouridis, adding that the development of production capacities in Singapore is also planned.

Inflation hurts, but it shouldn’t surprise

At the group level, Alumil achieved the best results since its foundation in 2022. According to the director, a good result is expected from 2023, but not another record. The reasons for this are primarily the growth of interest rates and accelerating inflation.

He adds that once inflation slows, markets will begin to function better again. “It is a normal cycle, and we are now, unfortunately, in this phase, and it will affect the markets of Western Europe,” he added.

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In Serbia, the announcement of the specialized exhibition EXPO 2027 should contribute to better results, according to Grk. As they said during the tour of the company, products from Nova Pazova are mostly exported (70 percent), but the data from the financial reports show that higher revenues are generated through sales on the domestic market. Tsoktouridis says such a relationship is a matter of margins and product type.

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