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SOFIA (Bulgaria), March 2 (SeeNews) - Etem Gestamp, a joint venture of Greek aluminium extrusion company Etem Group and Spain-based automotive components manufacturer Gestamp, will invest over 120 million levs ($68.9 million/61.4 million euro) in a project for expansion of its car parts plant in the Bulgarian capital Sofia, Bulgaria's innovation ministry said.
The funds will be invested in technology and in a fully automated internal logistics solution, the innovation ministry said in a statement earlier this week.
The expansion project will create over 130 jobs for skilled personnel in Bulgaria over the next two years.
The company is embarking on a number of new projects for the automotive industry, including a contract for the supply of aluminium elements for battery boxes with a major German car manufacturer, the innovation ministry added, without disclosing the name of the German company.
This is a project of Sofia-based companies Etem Gestamp Aluminum Extrusions and Gestamp Etem Automotive Bulgaria, Bulgarian business news outlet Capital.bg reported on Tuesday.
The two companies were established in 2019 as joint ventures between Etem Bulgaria, part of Greece's Viohalco, and Spain's Gestamp with an investment of 30 million euro ($33.3 million).
The capacity expansion will be needed mainly to ensure the production of aluminium elements for battery boxes used by German car maker Prosche in the manufacturing of its electric cars, Capital.bg said.
According to the innovation ministry's statement, Etem Gestamp supplies aluminium profiles to leading car manufacturers such as BMW, Audi, Daimler, Porsche, VW, and others.
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