Bulgarian car battery producer MonBat is to sell its battery recycling plant in Serbia.
MonBat chairman Atanas Bobokov said the plant is not working due to lack of raw materials and, respectively, due to the political and competitive pressure under which the company was placed over the last several years, reports SeeNews.
“We have thus adopted a decision to proceed with its sale in the future,” said.
MonBat DOO, the Serbian unit of Bulgarian blue chip MonBat, opened the €12m ($16.4m) plant in September 2010 for recycling of used lead-acid batteries in the town of Indjija, in northern Serbia.
The plant was expected to process annually between 15,000 and 16,000 tonnes of lead and lead alloys. The processed lead and lead alloys was planned to be used in the parent company in Bulgaria for production of batteries and also to be placed on foreign markets.