Furniture producer Simpo from the southern Serbian town of Vranje and the Leov Company from North Macedonia have decided to form a company called Simpo-Leov, based in Vranje, which will produce electrical appliances, primarily buffers and water heaters.
Simpo will provide the production facility and ancillary infrastructure, while Leov will invest in equipment and know-how.
The total value of the investment will be around EUR 11 million. The new company Simpo-Leov will hire 200 new employees – 100 in the first investment year and another 100 in the second year.
Leov is one of the largest manufacturers of water heaters in the Balkans while Simpo used to be one of the biggest furniture producers in former Yugoslavia. The company was founded in 1963 and currently has close to 2,000 employees.
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