PKC Group Plc Company Announcement 18 October 2013 11.40 am
PKC GROUP SETS UP A NEW FACTORY IN SERBIA
PKC Group has decided to establish a new wiring systems factory in Smederevo, Serbia. The factory's purpose is to serve existing and potential new customers in Europe.
The Memorandum of Understanding with the Republic of Serbia and City of Smederevo has been signed today. The Memorandum of Understanding was signed by Mr Aleksandar Vučić, the Deputy Prime Minister on behalf of the Government and Ms Dr Jasna Avramović, Mayor of City of Smederevo on behalf of the City of Smederevo.
The objective is to start manufacturing first in already existing leased premises in the start of 2014 and in new leased premises to be constructed for PKC in the end of 2014. The total capital expenditure by the end of 2016 is estimated to be about eight million euros. The factory is expected to employ about 1,500 employees by the end of 2016.
The new factory shall improve PKC’s competitiveness and cost efficiency by forming an effective manufacturing location. The objective is to start production transfers from Group’s existing European facilities to new factory in 2014. As a result of this new factory, PKC has excellent potential to improve and expand its business operations in Europe both to its existing and potential new customers.
PKC GROUP PLC
Board of Directors
President & CEO
For more information, please contact:
Matti Hyytiäinen, President & CEO, PKC Group Plc, tel. +358 (0)400 710 968 (from 11:40 am to 2:00 pm)
PKC Group is a global partner, designing, manufacturing and integrating electrical distribution systems, electronics and related architecture components for the commercial vehicle industry and other selected segments. The Group has production facilities in Brazil, China, Estonia, Finland, Germany, Mexico, Poland, Russia and the USA. The Group's revenue in 2012 totalled EUR 928.2 million. PKC Group Plc is listed on NASDAQ OMX Helsinki Ltd.