June 28 (SeeNews) - German industrial cables producer Kromberg&Schubert plans to invest 30 million euro ($34 million) in its plant in Krusevac in the next five years, the CFO of the company, Carsten Meyer, said on Wednesday.
Kromberg&Schubert expects to complete the first phase of the construction of the factory in Krusevac by the end of this year and to have some 300 employees at the start of 2018, Meyer said in a video file posted on the website of news agency Tanjug.
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When the plant is fully built, in 2022, the company will have a staff of 2,500 employees in Krusevac, Meyer said.
The Serbian government has been in talks with Kromberg&Schubert to increase the number of employees to 4,000 at a later stage, Serbian president Aleksandar Vucic said in a separate video file posted on the website of Tanjug on Wednesday.
In October, the Serbian government said it signed an agreement with Kromberg&Schubert to build a factory in Krusevac which will produce parts for automobile giants such as Daimler, BMW and Volkswagen.
Serbia gave 9.5 million euro in incentives to Kromberg & Schubert to build the plant, the government said at the time.
Kromberg&Schubert is a family firm founded in 1902. It has factories in 30 locations worldwide, producing wiring systems for the automotive industry.
($ = 0.8831 euro)