Precision Resource, a US-owned company specialising in the development of fineblanking technology, has set up its Europe-based production facility in Slovenia. The new factory is based in Logatec, southwest of Ljubljana.

In addition to the new facility, the company has seven other production sites in the US, Canada, Mexico and China.

It sells metal products to a wide variety of industries, most notably the automotive sector. In the future, it hopes to branch out in medicine, aviation and energy.

The company said it chose Logatec for its European production because it recognised the location's investment potential, adding that the site will also allow expansion, if the need arises.

Like all of its other production facilities, the one in Logatec has achieved the highest standard certificates, the company said.

"We are confident that this strategic decision will benefit the company as well as Slovenia's economy and the local community," Precision Resource told the STA.

"The facility in Logatec is very efficient and meets all the energy standards... It boasts state-of-the-art technology and automated processes necessary to keeping up with the competition."

The launch last week featured Precision Resource CEO Peter Wolcott, managing director Kaveh Vafaei and Slovenian branch director Alessandro Luppis, as well as representatives from the US embassy, the Chamber of Commerce and Industry and the SPIRIT investment agency.

The new location comes six years after Precision Resource acquired the fineblanking assets of Hidria Rotomatika in Idrija.

Founded as Fairfield Tool Company in 1947, the privately held company says it is one of the leading suppliers of fineblanked components in the world.

Fineblanking is a high-precision metal forming process used extensively in a variety of industrial applications.