Finland's PKC to open wiring systems plant in Smederevo, Serbia

Oct 21, 2013 - Finnish electronics group PKC Group Oyj (HEL:PKC1V) said on Friday it would set up a new wiring systems factory in Smederevo, Serbia, which will serve existing and potential new clients in Europe.

The company signed a memorandum of understanding (MoU) with the Republic of Serbia and the city of Smederevo last Friday.

Production is scheduled to begin in already existing leased premises in early 2014 and in new leased premises to be built for PKC in late 2014. PKC expects to invest EUR 8 million (USD 10.9m) in Smederevo by end-2016. Its local headcount by then is foreseen at 1,500.

PKC will transfer production from some exiting European facilities to the Serbian city, which should improve competitiveness and cost effectiveness.

(EUR 1.0 = USD 1.368)

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