January 27 (SeeNews) - Haitian Machinery, a subsidiary of Chinese industrial machine manufacturer Haitian Plastics Machinery Group, is expected to begin in the spring the construction of a production facility in Ruma, in northern Serbia, the local authorities told SeeNews on Friday.
The company is awaiting a construction permit, which is due to be issued in the next two weeks, a local government official told SeeNews by phone.
The investment is worth 100 million euro ($109 million), Haitian International has said in a LinkedIn post. The plant will span a total of 250,000 square metres with a capacity to produce a total of 2,500 injection moulding machines annually.
By expanding its overseas production, the company aims to reduce transport costs and logistics congestion, it explained.
Construction work on the facility was originally planned to start in winter 2022, with completion planned for early 2025, according to the LinkedIn post.
According to the Serbian business registry, Haitian Machinery was founded in July 2022 with a capital of 588,173 dinars ($5,500/5,000 euro).
Ningbo-headquartered Haitian Plastics Machinery operates in China, Europe, and the Americas with nearly seven thousand employees worldwide. It recorded revenues of $2,512 million in 2021.
(1 euro = $1.0885)