September 7 (SeeNews) - Bosnia's car parts manufacturer TMD Automotive, a member of the TMD Group, has opened a 5.0 million euro ($5.8 million) plant in Gradacac, where it will initially employ 71 workers, the municipal government of Gradacac said.
The company plans to increase its workforce at the new plant fourfold in the next few years,with all manufactured products to be exported, the municipal government said on Thursday.
TMD Group plans to increase its exports to 200 million euro in 2021. Among its more prominent customers is Germany's Benteler.
Gradacac-based TMD Group currently employs 671 workers in four plants, and specializes in the production of external and internal rings for automobile bearings.
Gradacac is a town and municipality located in the Tuzla Canton of the Federation, one of Bosnia and Herzegovina's two entities. The other is the Serb Republic.
($=0.858728 euro)