Holcim Serbia has announced that its plans to invest EUR 83mn have been abandoned, according to local press reports.
The company was to spend the money expanding its Novi Popovac plant’s capacities.
The decision came as the company is cutting expenses and introducing savings measures in order to counter the financial and economic effects of the crisis.
Holcim said that this will not affect the current production facilities, nor its ability to deliver cement to the Serbia market.
The company, which has operated in Serbia since 2002, has so far invested over US$90m.
The Novi Popovac operation in eastern Serbia employs 456 people. In 2006, Holcim also opened its ready-to-use concrete plant located near Belgrade.