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Oct 30, 2017 17:03 EEST
October 30 (SeeNews) - Japanese-owned car parts maker Sumitomo Electric Bordnetze on Monday opened an electric cable systems in Moldova following a 30 million euro ($34.8 million) investment, Moldova's economy ministry said on Monday.
The 27,000 sq m plant is located in the city of Orhei, which is under the administration of Balti free economic zone, the economy ministry said in a press release.
Sumitomo allocated some 22 million euro for the construction works and a further 8 million euro to equipment purchase.
For the time being, the plant employs 350, but its staff is expected to reach some 2,500 as Sumitomo committed to further expand the investment.
In 2006 Sumitomo Electric Industries acquired Volkswagen Bordnetze - a joint venture set up twenty years earlier by German companies Volkswagen and Siemens - which has been operating as Sumitomo Electric Bordnetze since then.
The company is a global supplier of electronic wire harnesses and components for the international automotive industry. With its headquarter in Wolfsburg, Germany, the company employs more than 26,000 at more than 26 locations in 14 countries.
The free economic zone of Balti was constituted on May 26, 2010 and is the seventh free economic zone in Moldova.
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