South Korean automotive components manufacturer Kyungshin Cable may open its new factory in Serbia's Smederevska Palanka ahead of schedule, in February or March, the city's mayor Nikola Vucen has said.
Kyungshin Cable
"The factory was planned to start production in August next year, but as things stand now, this could happen in late February or early March," Vucen said in a statement on Wednesday.
Kyungshin Cable, which is investing €25 million in the project, expects all construction works to be completed by the end of October and after that, the installation of machines and production lines will begin, Vucen said.
The South Korean company started the construction of the factory in May and plans to hire 700 employees in the first phase of its development.
Kyungshin Cable operates within the Kyungshin Group and manufactures electronic components for the automotive industry, mainly cable sets for manufacturers such as Hyundai, Kia, Volkswagen, Ford, Volvo, and BMW.
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