You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Germany's Draexlmaier to start production at new Moldovan plant in autumn

Germany's Draexlmaier to start production at new Moldovan plant in autumn FEZ Balti, Moldova Author (FEZ Balti) License: all rights reserved.

CHISINAU (Moldova), August 3 (SeeNews) - German automotive components supplier Draexlmaier will start production at its third plant in the Balti free economic zone (FEZ Balti) in Moldova this autumn, FEZ Balti said on Thursday.

The new plant will hire some 2,500 workers, FEZ Balti said in a press release.

Draexlmaier started works on the 27,000 sq m production plant in February 2016, investing 31 million euro ($36.7 million).

Draexlmaier operates two plants for auto cable systems in the northern town of Balti. The first one was built in 2009, and the second one was opened in 2011 following a 30 million euro investment.  Some 3,000 employees work in the two plants.

So far, the company has invested some $75 million in its Moldovan operations and is the biggest contributor to the FEZ Balti's budget, according to the press release.

Draexlmaier, founded in 1958, has more than 60 factories located in 20 countries and a staff of 55,000.

Elsewhere in Southeastern Europe (SEE), the company is present in Moldova's neighbour Romania, in Serbia and Macedonia.

FEZ Balti was constituted on May 26, 2010 and is the seventh free economic zone in Moldova.

($=0.8444 euro)

Compare