South Korea’s Essex to open a factory in Zrenjanin on November 29

The South Korean company Essex Europe will open a factory in Zrenjanin on Thursday, November 29th, which will produce enamelled copper wires.

The factory, in which Essex invested 30 million euro, spans 15,000 square meters and is located in the industrial zone of South East-Ečka.

The Zrenjanin City Council decided yesterday to sell seven hectares of land in the Industrial Zone Southeast 1 to the South Korean company Essex Balkan for 242,000 euro.

Although the full market price of these three land plots (spanning 7 hectares in total) was 580,000 euro, the asking price was reduced with the consent of the Government of Serbia.  

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The construction of the Zrenjanin factory started in March 2018, when it was also announced that 160 people would work at the plant once finished. The state has also provided 1.6 million euro worth of subsidies for this investment.

Essex Europe provides new solutions in the field of vehicle electrification and contributes to the development of RES. It is a member of Superior Essex, which is headquartered in Atlanta, USA, and it also operates under South Korea’s LS Group, which produces electronic components and has an annual turnover of USD 19 billion.

The company has factories on three continents – in the USA, Canada, Mexico, China, Malaysia, Germany, Italy, Great Britain and France. 

(eKapija, 28.11.2018)

Photo credits: Tanjug / Jaroslav Pap

This post is also available in: Italiano

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