ContiTech Fluid to get land for new plant in Subotica - Investment of EUR 17 m

The City Council of Subotica adopted the Conclusion with which it will assign to ContiTech Fluid Srbija land for construction of new department of the company in Trade zone Mali Bajmok

As stated in the explanation of the decision which was delivered to the Assembly of the city for adoption, in late March this year, this investor communicate intention it is planning to start implementation of the second stage of the investment in Subotica which became official with the signing of the Memo of understanding between company representatives on the one hand and the Government of Serbia and the City of Subotica on the other hand July 8 this year.

The mentioned Memo of understanding comprises investor’s intentions that within the second investment stage it builds production facility on 12.200 m2 - 6.000 implied with the Contract on land transfer in 2011 and additional 6.200 and to implement investments totaling EUR 17 m in fixed assets.

Based on the plan, the company will successively until 2018 hire 500 people, after reaching full capacity which will total 1.150 vacancies, the investor shall keep the headcount number at least five years.