BELGRADE (Serbia), October 19 (SeeNews) - German sanitary fittings manufacturer Hansgrohe plans to build a 85 million euro ($99 million) faucet plant in Serbia's Valjevo, it said.
The company will start in late 2023 production at the Valjevo factory, which will be built on a 130,000 square metre site, Hansgrohe said in a statement last week.
"We are creating additional capacity, especially targeting the European market, which will allow us to be even closer to our customers. And we are focusing on further growth," Hans Juergen Kalmbach, chairman of the Hansgrohe executive board, said.
The Serbian government has signed an agreement to provide financial support for the construction of the factory, the Serbian president's office said in a separate statement last week.
The Serbian government will invest 16 million euro to build a 2 km road that will link the Valjevo-Lajkovac expressway to the Valjevo industrial zone, President Aleksandar Vucic said in the statement.
Hansgrohe will open 1,000 jobs at the factory, Vucic also said.