The German company ZF Friedrichshafen AG has been given an additional 45.5 million euros of state subsidies and 16 hectares of land in Pancevo free of charge.
The state aid was granted for the construction of the Power Electronics Production Center in Pančevo, which should employ at least 589 workers by the end of 2027, and the formation a service centre in Novi Sad.
In the same period, ZF should invest at least 238 million euros, with at least a quarter of that amount should be covered by the company’s funds and not state subsidies.
Also, for the purpose of building the Center, ZF was given 16 hectares of land in Pancevo free of charge from the State Property Directorate. The value of the land is estimated at 1.2 million euros, or 863 dinars per square metre.
ZF Serbia was founded in March 2018 and is part of the ZF Group. The company had 1,143 employees in Serbia in January 2022, when it applied for state aid.
The ZF Group owns facilities for the production of automotive products around the world. In 2021, it had estimated consolidated revenue of 38.3 billion euros and employed more than 157,000 workers.
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