October 12 (SeeNews) - German industrial cables producer Kromberg & Schubert and Serbia will sign an agreement on the construction of a factory in the city of Krusevac on October 22, Serbian media reported on Wednesday.
The two sides will enter into a framework agreement, with date for the launch of works yet to be defined, news daily Blic quoted Krusevac mayor, Dragi Nestorovic, as saying.
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The factory for the production of wire harnesses for the automotive industry in the city in central Serbia is set to employ 1,200 when completed in 2017 but production is expected to ramp up in five years and raise hires to 4,000.
Kromberg & Schubert is a family firm founded in 1902. It has factories in 30 locations worldwide, producing wiring systems for the automotive industry.