US Johnson Controls opens two car components factories in Serbia worth EUR 23mn.

By bne IntelliNews February 7, 2013
Leading US car components producer Johnson Controls opened two factories for automotive seatings and interior parts in Serbia's Kragujevac worth a combined EUR 22.8mn on Wednesday, Feb 6, news agency Tanjug reported. The factories will employ 300 workers and will produce components for the 500L model manufactured at the Kragujevac plant of Italy's Fiat. The first factory, located at Grosnica, is a greenfield investment worth EUR 7.8mn and will manufacture seats for the Fiat automobile. It will employ 155 workers. The second factory is a joint venture with Italy's Magneti Marelli, part of Fiat Group. The plant will supply interior parts for Fiat Automobili Srbije and will employ 145 new workers, while the total investment is estimated at EUR 15mn. Fiat has said it plans to assemble at least 110,000 cars at its new plant in Serbia for the European and US markets in 2013. It is thus expected to boost the overall economic output and exports of the country, helping Serbia achieve at least 2% GDP growth after last year's recession.

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