German electronics giant Bosch has announced it will considerably increase its investment in Romania. The company will build another car parts factory there, creating hundreds of new jobs.
German electronics company Bosch is planning to invest millions of euros more in production facilities in Romania, the company reported in Stuttgart on Tuesday. It said it would build a new car parts factory in Cluj-Napoca.
Bosch already runs three other plants in the country. They are located in the capital, Bucharest, as well as Blaj and Timisoara.
The new factory in Cluj is due to start producing automotive electronic control units in late 2013. Bosch itself is earmarking 77 million euros ($100 million) for the project. Romania's Mediafax news agency reported the government in Bucharest would assist the investment with tax breaks worth 30 million euros.
Highly valued employer
The factory in Cluj is to initially provide jobs for 340 people. But Bosch said it planned to expand the facility in the years following the official opening.
Local authorities consider Bosch's investment drive in the Cluj region pivotal, since Finnish mobile phone maker Nokia deserted the area towards the end of last year.
The new factory will be a part of Bosch Automotive Electronics, which employs 20,000 people in 17 plants worldwide. The Bosch Group's total workforce numbers 300,000. The company posted revenues to the tune of 51.5 billion euros in 2011. Bosch provides a wide variety of components for many different industries, and is the world's largest supplier of automotive parts.
hg/srs (dpa, AFP, Reuters)