LTH initially launched the investment in 2014, when it put up a production hall for tools, but it decided last year to expand the plant from 5,200 to 21,700 square metres.

The plant in Škofja Loka, where the company plans to create 200 jobs in the coming years, is LTH Casting's second greenfield investment in a bit more than a year, as the company launched last year a new plant in Čakovec in Croatia.

This is in line with the company's growth strategy in development of products for established brands such as Mercedes-Benz and BMW, LTH said in a press release on Wednesday.

The company, which employs a total of 1,746 people in Slovenia, Croatia and Macedonia, plans to grow its revenue by 16% to EUR 328.2m this year and its net profit to EUR 41.4m.

Total LTH Casting's investment drive this year amounted to EUR 60m, the company said.