The company, which celebrates its 30th anniversary this year, is owned by GKN Industries, the British automotive and aerospace components company. This year, the company plans to reach EUR 75m in turnover and have the figure surpass EUR 100m in 2018.

GKN Driveline moreover aims to earmark EUR 14m to expand its production, its representatives said at a press conference in Zreče on Thursday.

The company is a supplier for Serbia's automobile manufacturer FCA, where redundancies have been announced due to poor sales figures for the Fiat 500L.

While the goods sold to FCA last year represented 9% of its sales, this year the figure did not meet expectations.

Nevertheless, GKN Driveline is not planning to sack any of its employees. The company will compensate the drop in the volume of sales with new buyers.

The company has been producing homokinetic joints since 1986. It first operated under tooling group Unior along with another three companies in the north-eastern town of Zreče, after which it became part of Germany's GKN Automotive. In 2003, it was renamed GKN Driveline Slovenia. Six years later, it became a division of the UK's GKN Industries.