August 9 (SeeNews) - Italian mechanical components manufacturer GLM Group plans to invest up to 3.5 million euro ($4.1 million) to start production activities in Zrenjanin, in eastern Serbia, the city government said on Wednesday.
GLM Group has signed an agreement to operate the factory of power equipment manufacturer ABS Minel FEPO for three years and plans to start production activities in November, a representative of the Italian company, Radivoje Poljanac, said in a statement issued by Zrenjanin city government.
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The Italian group intends to hire 150 employees in the first phase of its investment project, Poljanac said.
GLM Group plans to double the production area of the factory to 10,000 sq m, he added.
The Italian company, incorporated in 1998, produces tubes and brackets for exhaust systems, complex elements for the automotive and the motorcycle sectors, furniture, and other metal elements.