WIeland Electric to close Serbian plant by May - report

Wieland decided to shutter the plant due to a tense economic situation combined with a disproportionately high increase in operating and logistics costs, media outlet Danas reported.

The plant has 125 employees. The company said that, in addition to the severance pay, it will distribute an additional bonus to its staff in Serbia in recognition of their dedication and hard work.

Wieland Electric opened its plant in Cacak in October 2018.

Bamberg-based Wieland Electric makes innovative concepts in electrical connection technology for industry and buildings and has fourteen subsidiaries worldwide with over 1,700 employees.