"Prva Petoletka"-Trstenik was founded on 23 March 1949, by decision of the Government of People's Federal Republic of Yugoslavia, at the beginning of the first Five-year plan of development, after which it was named.

The design offices of Prva Petoletka designed hydraulic systems for many of the hydroelectric power plants in Yugoslavia, the hydraulic drive on a class of massive roto-excavators for surface mines, drive- and control-systems for the sets of the National Theatre in Belgrade, electro-hydraulic system for lifting of the main dome of the Temple of Saint Sava in Belgrade, hydraulics for a modern second-generation tank (the M-84), an inclined marine railway installed in the shipyard in Kladovo, landing gear for Boeing, as well as many large centralized lubrication systems in Yugoslavia.

Petoletka cooperated with major world companies such as Boeing, Bugatti, Lucas, Bendix, Daimler, Martin Merkel, Pol-Mot, Orsta Hydraulik, Wabco Westinghouse, Linde Guldner, Ermeto, and Zahnradfabrik.

The government decided to sell the factory in parts rather than as a whole because of the lack of interested parties to buy entire company.

During the 2010s, the company maintained production facilities in Trstenik, Vrnjacka Banja, Brus, Aleksandrovac, Novi Pazar, Leposavic, and Belgrade in Serbia and Bijelo Polje in Montenegro.