August 1 (SeeNews) - Slovenian automotive parts supplier Cimos plans to invest 20 million euro ($23.4 million) in expansion of its three production facilities in Croatia by 2020, the Croatian ministry for state assets said.
"The 20 million euro project will lead to a large increase not only in terms of new jobs but also in the quality of our business," the ministry quoted the executive director of Cimos, Gino Berti, as saying in a press release on Tuesday, following the signing of an agreement for the sale of a plot of land of 22,114 square metres in the town of Buzet to Cimos for 7.5 million euro.
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In May 2017, Slovenia's 'bad bank', DUTB, said it completed the sale of state-owned Cimos to TCH Cogeme, part of Italy's investment firm Palladio Holding Group, for 100,000 euro.
The Koper-headquartered group manufactures mainly turbo compressor and turbine housings, powertrain components, chassis and car-bodyparts. Cimos has a production footprint in four countries across Southeast Europe.
($ = 0.855378 euro)