The company will start the construction of the factory in 2024 and plans to open over 1,000 job positions in the next ten years, TIDZ said in a press release.
The investment will also encompass the construction of a research and development centre.
The factory will be the company's first production facility outside of Turkey, according to the press release.
Sahterm produces a range of heating elements for household appliances. Over half of its total annual production is exported.
($ = 0.915672 euro)