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SOFIA (Bulgaria), June 12 (SeeNews) - German cable and wiring systems manufacturer Leoni will invest 32 million euro ($37.7 million) in a plant in Bulgaria, the ministry of economy in Sofia said on Tuesday.
The plant, which will be located in the city of Pleven, is expected to begin operations by the end of the year and become fully operational by 2020, the ministry said in a statement following a meeting of deputy minister of economy Alexander Manolev with a senior company official.
Leoni intends to invest 16 million euro in the construction of the plant and a further 16 million euro in machinery and equipment.
The plant will service orders received by Leoni from a German company in the automotive industry, the statement reads.
The investment will create 2,000 jobs, according to the statement.
Leoni, founded in 1917, operates in 31 countries worldwide, employing over 82,000 people. In Southeast Europe, Leoni has production facilities in Romania and Serbia.
($ = 0.8481 euro)