German Company Kostal Officially Launches Operations in Macedonia
The German producer of mechatronic and electronic automotive parts 'Kostal' officially launched its Brownfield operation in Macedonia - a production line, set in the former facilities of Ohrid company EMO.
The pragmatism and intelligence of Macedonia's economic policy has been one of the reasons for the German company to open its subsidiary in Macedonia, Kostal Group President Andreas Kostal said at the ceremony.
He commended the support of Macedonia's Government and institutions, which enabled the company to start the production process in less than a year.
In the next ten years the German company intends to invest EUR 30 million and create 800 jobs, Kostal said.
Yuri Mahklakov, CEO of 'Kostal Macedonia', said that the company had thus far invested EUR 4 million and employed 48 people. It plans to raise the investments to about EUR 6 million and number of employees to 100 by the year-end, he said.
The Kostal Group is an independent, family company, founded in 1912 in the German town of Lüdenscheid. Its headquarters are still located in the town. The Group's main activities include the development and manufacture of technologically advanced electronic and electromechanical (mechatronic) products.
The group has 46 operation locations worldwide, i.e. in 21 countries on four continents, with a workforce of about 17,000 people.