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May 29, 2023 14:51 EEST
May 29 (SeeNews) - Serbian furniture maker Simpo and North Macedonia’s electrical appliances manufacturer Leov will jointly invest a total of 11 million euro ($11.8 million) in a new factory for electrical appliances, local media reported.
For the purpose, Simpo and Leov signed an agreement to set up a joint venture company, called Simpo-Leov, that will open a factory in Serbia’s southern city of Vranje, TV channel Vranjska Plus reported last week.
Simpo will contribute an industrial building and accompanying infrastructire into the capital of the new company, while Leov will provide equipment and know-how. A total of 200 workers will be employed at the factory - 100 in the first investment year and 100 more in the second year.
Under a previously adopted restructuring programme, Simpo has to shed off real estate not used for its core business of production and sale of furniture. Simpo operates furniture and upholstery factories in Vranje and Trgoviste, an antique furniture factory in Surdulica, as well as furniture frame and mattress factories in Presevo and Bujanovac, respectively.
Founded in 1984, Leov manufactures electrical appliances and has plants in Veles and Prilep.
($ = 0.9331 euro)
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