Siemens has announced it is set to take over Milanović Engineering, a Serbian supplier of aluminium rolling stock components.
The financial details have not been disclosed but Siemens said that the acquisition will strengthen its international network of manufacturers.
The takeover is expected to be formalised at the beginning of 2018.
Siemens Serbia general manager Udo Ehlinger said that after operating its Subotica factory for 14 successful years it was a proud moment to see another Siemens factory in Serbia.
Milanovic Engineering owner Bratislav Milanovic added: “I am convinced that due to business cooperation with Siemens and the modern production facilities at its disposal, this factory will become an important centre for the production of components for rail vehicles in the coming period.
“The arrival of Siemens represents the return of the industry to Kragujevac, and it gives me the opportunity to work on further development, bringing new partners and transferring technology to our region.”
Milanović Engineering is based in the city of Kragujevac and employs around 430 workers. It was established in 2001 and has recently specialised in the production of components for the rail industry.
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