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BELGRADE (Serbia), March 7 (SeeNews) - German auto parts maker Continental launched on Tuesday a new plant in Serbia's northern town of Subotica, which will employ over 500 workers, the country's government said.
Continental, which already operates one plant in Subotica, invested 14.5 million euro ($15.3 million) in the new plant, while the government provided 3 million euro in subsidies, the government said in a statement.
The new plant has increased Continental's capacities in Serbia to over 20,000 sq m in workable space alone. The number of its employees will increase to 1,500 in the next few years.
The plant will produce pipes and piping systems for automobile powertrains, which will be exported to car manufacturers in Europe. Continental will also make parts for agricultural, cargo and industrial machines, the government said.
In 2016, Continental saw preliminary turnover of 40.5 billion euro. It currently employs more than 220,000 workers in 56 countries.