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Dec 11, 2023 18:01 EEST
December 11 (SeeNews) - German manufacturer of gear and transmission technology products for the automotive industry IMS Gear plans to invest some 6.0 million euro ($6.5 million) in a production plant in Osijek, eastern Croatia, city major Ivan Radic said on Monday.
The factory will manufacture car parts for the automotive enterprises based in southeastern Europe, Radic said in a press release, after signing a contract to sell a land plot of 33,442 square metres in business zone Nemetin near Osijek to IMS Gear Croatia.
In a tender called by city authorities, the German investor offered to pay some 1.11 million euro for the land plot, which is above its estimated value, the mayor said.
The factory is expected to start production in 2025, creating 250 to 300 jobs, IMS Gear managing director Wolfgang Weber said in the press release.
IMS Gear has production plants in Germany, USA, Mexico and China and some 3,000 employees worldwide.
($ = 0.930 euro)
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