Minal Europe Green Material doo Šabac, a company under the Chinese Minth group, has secured 4.51 million euros in subsidies from Serbia. These funds are earmarked for constructing a new plant in Šabac dedicated to producing aluminum alloys.
As part of the agreement, the project aims to create at least 100 new jobs by the end of 2025. The subsidy will be disbursed in two installments. The first tranche, amounting to 60.31% of the total funds (2.7 million euros), is scheduled for payment in 2025 upon the company’s employment of 55 new workers and an investment of 23.16 million euros.
The second tranche, comprising 39.6% of the funds (1.79 million euros), is contingent upon the company’s verification of an additional investment of 12.13 million euros and hiring another 45 new employees by 2026.
In addition to the employment commitments, Minal Europe Green Material is obligated to maintain salaries for its employees that are at least 20% higher than the minimum wage. The company also pledges not to reduce its workforce below 100 employees within five years after project completion, and to preserve the value of its assets.
Founded in December 2021 and owned by Hong Kong-based Cheerplan Limited, Minal Europe Green Material specializes in manufacturing automotive parts and accessories. Initially having no employees, the company is part of the Minth group, renowned globally for designing, manufacturing, and selling automotive components. The Minth group operates production facilities in China, USA, Mexico, Thailand, and Germany, with technical centers in China, Germany, North America, and Japan. In 2022, the Minth group reported a consolidated revenue of approximately 2.2 billion euros and employed around 18,800 individuals.
