
Draexlmaier will invest more than EUR17m (USD20.8m, 17 July 2012) out of the total investment of EUR35m (USD42.8m) in establishing a new car cable plant in Kavadarci, in southern Macedonia, reports See News.
The newswire quotes the Macedonian government which said that another local company will also invest in constructing the plant which will be run by Draexlmaier's Macedonian subsidiary under a long-term lease. The 52,000 square metre plant will employ 4,000 people within first five years of starting operations.
Significance: The investment in Macedonia was earlier reported by See News in March this year quoting the Macedonian minister Vele Samak. Draexlmaier has been making investments for expansion since last year. In December last year it was reported that the company is expanding production in city of Zrenjanin, Serbia and creating 506 new jobs by an investment of EUR3.2m (USD4.3m). Also Mediafax news reported in November last year that Draexlmaier will invest around EUR30m in 2012-13 to expand the car wiring plant in Satu Mare (Romania), creating around 1,000 jobs. The company has five production sites in Romania and 45 facilities globally.