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Germany's Draxlmaier opens 30 mln euro car parts plant in Moldova

Germany's Draxlmaier opens 30 mln euro car parts plant in Moldova German automotive co Draxlmaier opens 30 mln euro plant in Moldova

CHISINAU (Moldova), August 27 (SeeNews) - German automotive components maker Draxlmaier opened a 30 million euro ($33.3 million) plant in the Cahul free economic sub-zone in Moldova, its third in the country, the economy ministry said.

More than 1,500 people will be employed in the new plant, which will manufacture electrical cable systems for cars, the ministry said in a press release on Monday.

The plant's production area will exceed 17,000 metres.

"The number of employees will increase in the coming years, which will allow us to carry out other projects," Draxlmaier head of operations for Eastern Europe, Kai Mussman, said.

The company already operates two auto cable systems plants in the northern town of Balti. The first one was built in 2009, and the second one opened in 2011 following a 30 million euro investment.  Some 3,500 employees work in the two plants.

Draxlmaier, founded in 1958, currently has more than 60 factories 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 in Macedonia.

Cahul free economic sub-zone was constituted on November 20, 2015 within the free economic zone of Balti. 

($= 0.8999 euro)