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Yura opens daughter company – Factory in Nis before deadline

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South Korean Yura company should finish its factory in Nis before the deadline and employ more workers that it was initially planned – the representatives of Yura and the city of Nis announced last weekend. During the visit to the building site in Nis, Yura Corporation President Lukas Nam and Nis Mayor Milos Simonovic said that the Yura factory in Nis, which would be producing electric installations for the automotive industry, should be finished in March 2011, and not in summer as it had been announced earlier.

Training of the first employees should commence next February in Yura’s unit in Raca. It was also stated that Yura, which initially announced the employment of 1,500 people, planned to have a daughter company built in 2011, which would be producing copper wires for the mother company and other buyers and employ minimum additional 200 people.

Simonovic announced that the agreement on free allotment of land would also be signed within the next few days with Italian Dytech, the Fiat’s supplier that would be producing fluids for the automotive industry in Nis. Dytech should employ “minimum 400 people”. The investments by Yura, which will invest minimum 15 million euros, and Dytech, with 12 million euros, “are the biggest in Nis in the last 20 years”. According to the decision of the Government and the City Assembly, in addition to nearly six hectares of free fully equipped land, Yura and Dytech will also get non-refundable incentives for each newly employed worker.

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