June 14 (SeeNews) - German industrial cables producer Kromberg&Schubert opened on Thursday a 29 million euro ($33.7 million) production factory in Krusevac, central Serbia, the Krusevac city government has said.
The production factory has a footprint of 23,000 square metres and will have a workforce of 2,500 employees during the first phase of its development, the Krusevac city government said in a statement.
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The company plans to open 1,500 additional jobs during the second phase of the factory's development, the CEO of Kromberg&Schubert, Zeljko Matijevic said.
The Krusevac city government provided the land for the construction of the factory, ensured the necessary infrastructure and in this way facilitated the greenfield investment, Matijevic added.
In October 2017, the Serbian government said it signed an agreement with Kromberg&Schubertto build a factory in Krusevac which will produce parts for automobile giants such as Daimler, BMW and Volkswagen.
Kromberg&Schubert is a family firm founded in 1902. It has factories in 30 locations worldwide, producing wiring systems for the automotive industry.
($ = 0.859374 euro)