Vescovini Group in Sabac builds factory of mechanical parts for automotive industry - Investment worth about EUR 7 million

Sabac Mayor Milos Milosevic and Federico Vescovini, one of the owners of the Italian factory Vescovini Group, signed a letter of intent for construction of SBE Serbia plant yesterday in the premises of the city administration.

The headquarters of the company Vescovini Group is in the city of Monfalkone in the north of Italy. It is a factory of mechanical parts for the automotive industry and it's production units are situated in Italy, Japan and on Taiwan.

Negotiations on the arrival of Italian investors in Sabac started in May 2010. Signing of the Letter of Intent created conditions for acquisition of two lots in the Northwest work zone, spanning a total of 7 ha.

Federico Vescovini expressed his satisfaction with the agreement reached with the local self-government in Sabac.

- We have found a good location and analyzed all the possibilities from the aspect of environment protection with the City Management of Sabac. Points of cooperation are determined and an agreement is reached. The next step is opening of our office in Sabac, selection and training of workers. Upon preparation of technical documentation, construction of the facility may start. Starting investment will range between 5 and 7 million euros, while 75 people will be hired in the first phase. If the investment proves to be successful and concrete, we will continue to invest in Sabac - the owner of Vescovini Group announced.