January 13 (SeeNews) - Canada-based automotive parts supplier Magna International will open a second factory in North Macedonia, an investment worth 40 million euro ($43.2 million), the government in Skopje said on Friday.
The new factory, to located near the eastern city of Stip, is expected to create 600 jobs in the first phase, the government said in a press release.
It added that the company is expected to start trial production at the new factory this year and launch serial production in the first half of 2024.
Magna International employs 300 at its factory near Struga, with a view to increasing the headcount to over 1,000 by 2024. The factory produces exterior mirror systems, including actuators and wire harnesses, for several European automakers.
Magna International is one of the world’s largest suppliers of automotive parts. It has 161,000 employees and sales centres spanning 28 countries, according to data published on the company's website.
($ = 0.924 euro)