German Brose to invest 180 mln euros in Serbia

German Brose to invest 180 mln euros in Serbia

Representatives of the Government of Serbia and German company Brose signed an agreement regarding this companies’ investment in the city of Pančevo, Serbia, with estimated worth around 180 million euros.

According to this agreement, German Brose plans to invest over 180 million euros in a plant that will manufacture power steering motors, electric oil pumps and cooling fan motors, and hire 1,100 people.

Furthermore, the company has the intention to launch a Research and development centre in Serbia, where highly qualified professionals would find employment.

An agreement on the investment was signed by Serbian Minister of Economy Goran Knezevic and Brose representative Thomas Spangler.

Brose Fahrzeugteile GmbH & Co KG is a world-leading automotive supplier. The company develops, manufactures, and distributes mechatronic systems and electric motors to the automotive industry. It offers product range in vehicle doors, front and rear seating, electric drives, electronics, and electric mobility. Moreover, Brose has 26,000 employees working in 63 locations in 23 countries.

On the same occasion, German MTU (MTU Maintenance Serbia d.o.o.) and the Ministry of Education, Science and Technological Development of the Republic of Serbia signed a Memorandum of Understanding for Strategic Partnership in Dual Education. The value of this investment is about 109 million euros.

As has been stated previously, MTU Aero Engines AG plans to invest around 100 million euros in a new plant in Nova Pazova and to employ at least 440 people.