Yumco, a Serbian state-owned holding group plans to open a textile facility by the end of this month in Bujanovac, the country's south, stated the managing director of the company, Branislav Trajkovic.

Trajkovic said that Yumco factories were engaged in producing uniforms for the armies of Germany, Finland and Italy.

The Serbian government adopted a capital restructuring plan of Yumco on December 21, obliging state-owned creditors to convert their debt into shares in the company, he added.

In September, the Serbian government said Yumco opened a unit for production of bulletproof vests at its factory in Vranje and intends to hire 150 workers for the unit's operation.

The company has managed to recover the confidence of its customers and aims to hire more employees at its factories in Vranje, Vladinicin Han, Poljanci and Radovnici, Trajkovic said.

Yumco increased its exports by 5% and invested 500,000 euro ($596,000) in improving its logistics infrastructure in 2017.