Intersonic SA is investing about 51 million euros ($47.4 million) to establish an optical disc manufacturing plant in Thiva, Greece.
Intersonic subsidiary OMP Europe SA will employ 170 and occupy 172,800 square feet on the 18.6-acre site.
The investment allocates 27 million euros ($24.8 million) for machinery. That includes an order to M2 Engineering AB for 11 production systems valued at $8.6 million.
OMP Europe plans to use M2's SQ3 systems to manufacture recordable digital versatile discs. The factory is being outfitted now. The M2 systems incorporate injection molding machines made by third-party suppliers, said Sven Carlson, vice president of sales and marketing for Stockholm-based M2.
Intersonic had production capacity for 11.5 million units of recordable optical media in 2000, 75 million in 2002 and projects 200 million during 2003. Production lines are slated to grow from 19 last year to 47 in 2003 and as many as 87 by 2005.
Intersonic formed the manufacturing subsidiary as Optical Media Production Europe in 2001. The unit currently has a 45,000-square-foot plant in Athens.
The subsidiary claims to hold a 2 percent share of the global market for recordable optical media.
Athens-based Intersonic markets its branded optical media products through another subsidiary, Creation-Optical International Ltd.