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BELGRADE (Serbia), September 12 (SeeNews) - Italian mechanical components manufacturer GLM Group is investing 10 million euro ($11.6 million) in the development of its factory in Zrenjanin, in northern Serbia, the factory director said on Wednesday.
"We have so far invested 5 million euro and the sum will be increased to more than 10 million euro in the short term," Radivoje Poljanac said in a video file posted on the website of Serbian public broadcaster RTS.
GLM plans to increase its workforce in Zrenjanin to 350 from 150 employees at present, Poljanac added.
Lat month, the Italian company signed an agreement with the city authorities to operate the factory of bankrupt power equipment manufacturer ABS Minel FEPO for three years and started production in November.
GLM, incorporated in 1998, produces tubes and brackets for exhaust systems, complex elements for the automotive and the motorcycle sectors, furniture, and other metal components.
($ = 0.861966 euro)