What is more, Škofja Loka is the base of the global development team that will be responsible for the technology at Knauf's Malaysian glass wool plant, Knauf Insulation Škofja Loka director Tomaž Lanišek has told the STA.

"The additional capacities mean fresh wind in our sails and additional possibilities to increase sales and supply the buyers we've not been able to supply so far due to too much demand," Lanišek added about the plant, whose launch is scheduled for 2020.

Knauf Insulation Škofja Loka has a tradition of 60 years, having developed out of what was known as Termo before the 2006 takeover by the German firm Knauf.

It employed around 425 people at the end of last year, when it generated EUR 117m in revenue and operated with a profit.

While Lanišek is hoping for an overhaul of the company's oldest production line in Škofja Loka, which is older than 25 years, an investment is currently under way into an education centre for central and SE Europe, which is to open this autumn.