Johnson Electric Holdings Ltd. is aiming to take on as many as 2,400 new workers at its production facility in Nis, Serbia, the country's government said in a statement.
Serbia's Minister of Economy Zeljko Sertic, Nis Mayor Zoran Perisic and senior company representatives have signed a memorandum of understanding on the project. The investment is estimated to be worth some 50 million euros ($55.2 million).
The Hong Kong-based manufacturer makes plastic and metal components for major automotive manufacturers, including BMW, Volvo, and Jaguar at the Serbian plant, which opened in 2014. As part of the project, the company built a production facility fitted with a total footprint of 10,000 square meters, according to data released by the Serbian government.
Serbia's Prime Minister Aleksandar Vucic was present at the official ceremony, and he said that the country's government was willing to allocate additional funds to support foreign investments in the Serbian economy. According to the prime minister, Johnson Electric's factory in Nis could become the largest manufacturing facility in Serbia in the coming years.
The production facility was launched in September 2014, and to date, the Serbian government has provided 6.75 million euros ($7.4 million) with the aim to co-finance the project.
