NEW YORK, NY, March 31, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- ILUS International Inc (OTC: ILUS) remains focused on its M&A strategy of acquiring and growing global technology companies. In addition to the completion of 7 acquisitions in 14 months, the company is now proceeding with its first investment project in Čačak, Serbia, which includes the acquisition of manufacturing facilities for ILUS EV Technologies. More facilities for other ILUS subsidiaries are to be announced further down the line in 2022. Over the next 8 years, this current investment project is expected to provide employment to thousands of Serbians and generate several hundred million Euros for the city of Čačak and ILUS EV Technologies. The forward-thinking city of Čačak, which is undergoing a rapid industrial expansion, aims to become Serbia’s leading producer of renewable energy technologies, with Serbia aiming to become a leading European manufacturer and global supplier of innovative sustainable solutions.
ILUS is committed to investment in the city of Čačak and Serbia. The city of Čačak is committed towards supporting the growth of ILUS EV Technologies in the country. The investment project forms part of the strategy implementation by Čačak’s Mayor, Milun Todorovic, his administration, and the Serbian Government, to create employment opportunities and strengthen the local economy. Mayor Todorovic supports the ILUS EV Technologies investment project in Čačak and is optimistic about the benefits it will bring to the city.
“I am both excited and very proud of this investment project in Čačak because it is creating thousands of jobs and growing our local economy. We are pleased to partner with ILUS EV Technologies in Serbia to create more innovative products and solutions that will benefit our environment and showcase Serbia’s great capability to the rest of Europe and the world,” said Mayor of Čačak, Milun Todorovic.
In partnership with the city of Čačak and the Serbian government, ILUS EV Technologies will begin manufacturing its E-Raptor range of commercial electric utility vehicles (E-UTV’s) at a large facility on the outskirts of Čačak city. The facility will be home to the end-to-end manufacturing process of the complete E-Raptor E-UTV range as well as component parts for the electric vehicle industry. The E-Raptor range manufactured in Serbia will consist of six vehicle types ranging from the entry level 4x2 L7e right up to the top of the range 6x6. The range will also include an innovative lightweight four-seater passenger transport vehicle. By 2029, revenues for ILUS EV Technologies are expected to reach hundreds of millions per year.
The city of Čačak was chosen by ILUS because of its support of innovative technology manufacturing companies as well as its excellent geographic position. The site’s proximity to both sea and airports for European and global exports is a key factor as is its location near the modern Corridor 11 (E-763) Pan-European highway which efficiently connects Čačak to the rest of Europe. Čačak has a century-old industrial tradition and has recently been investing in several projects to become an innovation hub which creates employment and stimulates the local economy. A recent example of a similar investment project is the Čačak plant of German automotive parts manufacturer, Vorwerk & Sohn Group, which manufactures parts for the likes of Audi, BMW, Ford, and Volkswagen. Their investment project is expected to create 1,000 jobs. After receiving an investment of around €60 million, their 484,000 square foot manufacturing facility was recently opened at a ceremony attended by Serbia’s President, Aleksandar Vucic. The city of Čačak is investing in many more similar projects.
Serbia has an attractive automotive manufacturing industry with highly regarded free zones. The country is home to manufacturing plants for Fiat, Mercedes, Peugeot, and Ford, as well as several significant global automotive industry suppliers. Fiat currently employs about 2,400 people at its factory in Kragujevac, Serbia. Over 60 automotive companies from Europe, the US and Asia operate in Serbia, creating over 30,000 jobs. Serbia’s low construction, labour, and energy costs compared with other European countries, combined with its pan-European highway network have also played a key role in companies like Continental, Michelin, Siemens and even Deloitte setting up major operations in the country. Serbia’s government continues to make concerted efforts under its current president, Aleksandar Vucic, to strongly incentivise foreign investment. The government subsidies are particularly generous to capital intensive investments, more so for companies located outside of the country’s capital, Belgrade.
“We are excited about the commencement of this partnership with the Serbian government and the forward-thinking city of Čačak. We are working closely with the city who are focused on creating employment and growing their local economy through investment in the large-scale manufacturing capability of innovative technology such as ours. With the final administrative procedures being completed, we are pleased to confirm the manufacturing facilities for ILUS EV Technologies in Čačak, Serbia. Over the last few weeks, the scope of this investment project has grown exponentially more than we had originally anticipated. This is ultimately to the greater benefit of ILUS and its Shareholders, therefore we will release further information on the site and deal structure once the final administration is completed,” said ILUS CEO, Nick Link.
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