SMEDEREVSKA PALANKA, Serbia—South Korean cables manufacturer Kyungshin Cable is constructing its second European production center in Smederevska Palanka, with the goal of mass producing eco-friendly automotive components for the region by next year.
The company, which broke ground on the plant in May, expects to finish construction of the $23.6-million facility by November.
Once completed, the plant is scheduled to supply parts to "prominent European auto makers and Korean battery suppliers by March next year," Kyungshin Cable said in a statement.
Spanning over 657,000 square feet, the facility will employ 700 people when fully operational.
Based in Incheon, northwestern South 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 U.S.
Among other products, Kyungshin Cable manufactures rubber cables and wires for automotive and industrial use.