September 27 (SeeNews) - German cable and wiring systems manufacturer Leoni broke ground for a 32 million euro ($37.4 million) plant in Bulgaria, the ministry of economy in Sofia said on Thursday.
The plant, which will be located in the city of Pleven, will employ 2,000 people, the economy ministry said in a statement.
You can download the 2024 Automotive industry in Southeast Europe report here
The plant is expected to begin operations by the end of the year and become fully operational by 2020, Leoni said in June.
Leoni intends to invest 16 million euro in the construction of the plant and a further 16 million euro in machinery and equipment. The plant will service orders received by Leoni from a German company in the automotive industry, the company said at the time.
Leoni, founded in 1917, operates in 31 countries worldwide, employing over 82,000 people. In Southeast Europe, Leoni has production facilities in Romania and Serbia.
($ = 0.8554 euro)