German cable and wiring systems manufacturer Leoni plans to invest 60 million euro ($70.2 million) in the construction of its factory in Serbia’s Kraljevo, the managing director of Leoni’s Serbian unit, Clemens Sachs, said.

The factory will have about 5,000 employees in 2023, Sachs said in a video file posted on the website of news agency Tanjug on Thursday.

Leoni intends to hire about 150 employees in Kraljevo by the end of this year and to start serial production at the end of 2019 or the beginning of 2020, Sachs said.

The Kraljevo factory, with a production area of 45,000 square metres, will be Leoni’s fourth in Serbia.

In March, the Kraljevo city government said Leoni plans to build a factory in the agricultural zone of Kraljevo.

Leoni opened last year its third production plant in Serbia, in the city of Nis. Currently, the company employs 1,000 people in Nis and plans to increase its workforce in the city to 2,200 by the end of 2019.

Source; SeeNews

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