October 21 (SeeNews) - German industrial cables producer Kromberg & Schubert signed an agreement with Serbia on Friday to build a factory in the city of Krusevac which will produce parts for automobile giants such as Daimler, BMW and Volkswagen, the government said on Friday.
Serbia gave 9.5 million euro ($10.3 million) in incentives to Kromberg & Schubert to build the plant, which will initially employ 2,500 people, the government said in a statement following the signing ceremony.
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The planned investment in the project is 29 million euro, according to local media reports.
Serbia also appealed to the German company to consider expanding its investment to other cities, such as Kraljevo, Kragujevac and Jagodina, according to the statement.
Kromberg & Schubert is a family firm founded in 1902. It has factories in 30 locations worldwide, producing wiring systems for the automotive industry.