City of Smederevo and the Italian company "CCVI International Spa" will sign on July 31 memorandum of understanding on the construction of the plant in the city, in which rolling bearings will be produced for the EU market, it has been announced by the city administration.
The agreement will be signed by the mayor of Smederevo Jasna Avramovic and Chairman of the Board "CCVI International Spa" Giordano Quinzano.
As announced, the new project will employ, in the next few years, more than 150 workers, and the total volume of investment is estimated at around 575 million dinars.
The project includes the construction of production facilities in several phases with a total area of about 13,500 square meters.
The investment will last for three years, with a target completion date of the planned work in December 2018, and production will begin in 2016.
Investor is an Italian company "CCVI International Spa" which was established in 1951 by the family Quinzano.
The company produces high-quality ball bearings, and operates and markets its products worldwide, especially in the UK, China, Japan, the USA and Brazil.