From Automotive News
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 3200-sq.m 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 Euro 2.86 million ($3.75 million), while the total investment is seen at Euro 5.64 million, he said.
The plant will be located in Odzaci, 140 km (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 Euro 4000 to Euro 10 000 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.