Magna Seating to open 5.6 million-euro plant in Serbia
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BELGRADE -- Magna Seating, a unit of Magna International Inc., Canada's biggest auto-parts supplier, plans to open a factory producing car-seat covers in northern Serbia, the country's investment promotion agency said.
The 3,200 square-meter (34,400 square feet) plant will employ 132 people initially, which will increase to 444 by 2015, Aleksandar Miloradovic, a spokesman for Serbia Investment and Export Promotion Agency said in a phone interview.
The plant's construction may begin in the second quarter and it is estimated to cost about 2.86 million euros ($3.75 million), while the total investment is seen at 5.64 million euros, he said.
The plant will be located in Odzaci, 140km (90 miles) northwest of Belgrade, where local authorities will provide a 2.68-hectare (6.6-acre) lot to Magna, as part of efforts to attract foreign direct investments, Miloradovic said.
The investor may also receive government incentives that range from 4,000 euros to 10,000 euros per job created, he said.
Magna International ranks No. 5 on the Automotive News Europe list of the top 100 global suppliers, with sales to automakers of $23.6 billion in 2010.
Source: Bloomberg
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