Smederevska Palanka, Serbia – South Korean cables manufacturer Kyungshin Cable has held a grand opening ceremony for its second European production centre in Smederevska Palanka, according to the Serbian Development Agency (RAS).
The €20-million plant will produce battery components for “high-tech electric vehicles” for the European market, said RAS in a statement 24 April.
Spanning over 61,000, the unit is expected to create 700 jobs by the end of 2022, RAS added.
The company broke ground on the plant in May last year, saying it would supply parts to “prominent European automakers and Korean battery suppliers.
Based in Incheon, northwestern Korea, Kyungshin Cable is part of Kyungshin Group and supplies cables and wires for industrial and automotive applications. Some of its key clients include Hyundai, Kia Motors, GM and Ford.
In addition to its production sites in Korea, the company operates manufacturing facilities in China, India, Honduras, Poland and the US.
Among other products, Kyungshin Cable manufactures rubber cables and wires for automotive and industrial use, according to the company website.