Founded in 1921 in the small town of Ada - in what was then Yugoslavia - the Potisje Machine Tool Factory and Foundries - made a range of conventional lathes. By the 1950s, all were of the conventional geared-head type, intended for heavy industrial use and always sold at a completive price to bring in Western currency with numbers exported worldwide.
The name Ada derives from the Serbo-Croatian word àda which means an island in a river or lake. Today, Ada is in the autonomous province of Vojvodina, Serbia and situated near the river Tisa in the geographical region of Backa.
Today (2023), the company is privately owned, called  Litostroj Potisje D.O.O. and is based at 51, 29 Novembra Str., 24430 Ada, in Serbia. It continues in business making conventional lathes of the types PA, DA "Morando" as well as CNC machine tools and undertaking machine tool overhauls. It also produces patterns from which castings in grey and spheroidal graphite iron are made in weights from 0.5 kg to 1.5 tonnes. Built by the English company Maverex, in 1978, the foundry has an annual capacity of 6,000 tonnes..