September 17 (SeeNews) - Japanese company Toyo Tire Corporation plans to invest 364 million euro ($429 million) in its factory in Serbia's Indjija by the end of 2023, the Indjija city government said.
Toyo has completed the acquisition of a land plot of 63 hectares in the northeastern industrial zone of Indjija where it will build a factory with a footprint of 300,000 square metres and will hire 523 workers in the first phase of its development, the Indjija city government said in a statement on Wednesday.
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The Japanese company established in October 2019 its Serbian subsidiary Toyo Tire Serbia, based in Belgrade, active in the manufacturing and sales of radial tires for passenger vehicles and light trucks.
The Japanese company, established in 1945 in Osaka, has a total of 13,000 employees worldwide.
($ = 0.84797 euro)