LONDON—German manufacturer of automotive fluid systems Tristone Flowtech Holding S.A.S. is planning to build a new production facility in the central Serbian city of Paracin, according to local authorities.
The Paracin municipal assembly gave the go-ahead with the signing of a memorandum of understanding between the city's mayor and the Frankfurt-based hose maker last month, according to a recent news release by the Paracin municipality.
According to the local authority, Tristone has twice submitted a letter of intent to build a factory in Paracin's Zmic Inudstrial Zone, in an area spanning 9.2 hectares (about 23 acres). The $31.8 million facility, it stated, will create 1,000 jobs over three phases.
Construction work on the project, according to local reports, is set to begin in early 2023 with operations scheduled for end of 2023.