The Serbian government granted a grant of EUR 4 million to the German company Boysen for the construction of a factory for the production of exhaust systems for cars and trucks in Subotica.
Boysen, in turn, undertook to employ at least 400 workers by the end of 2023 and that their salary has to be at least 20% above the minimum wage.
The company has also announced that it will invest at least EUR 55.5 million in Serbia and will not reduce the number of employees to less than 400 during the five years following the completion of the new factory. The grant will be paid in four unequal instalments, in 2020, 2021, 2022 and 2023, reads the contract that this company concluded with the Ministry of Economy.
The German company also received 10 hectares of land free of charge thanks to a decision of the City Assembly in August this year.
Boysen’s branch in Serbia, which full company name reads Boysen Abgassysteme d.o.o. Subotica, was founded on July 9, 2018; the parent company has production facilities in Germany, China, South Africa and India.
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Its main markets are mainly EU countries and the most significant clients are Mercedes-Benz, Audi, Bentley, Porsche, Bugatti, MAN, Volkswagen and others.
Boysen generated estimated consolidated revenues of EUR 1,488,000,000 in 2018.
(Nova Ekonomija, 27.12.2019)
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