Ayala-led Integrated Micro-Electronics Inc. (IMI) has bagged grant incentives from the Republic of Serbia for the new manufacturing plant that the globalizing electronic manufacturing services firm is building in the City of Nis.
IMI is expected to invest over €30 million (P1.6-billion) to complete the new factory in Serbia, a democratic state located at Southeast Europe’s Balkan peninsula, and employ 1,250 people in the next 10 years.
This will be IMI’s 15th factory in the world and Serbia, the eighth country where it has gained foothold in.
In a disclosure to the Philippine Stock Exchange on Thursday, IMI said had been awarded with grant incentives for financial support of IMI Nis with regard to the implementation of the investment project related to construction and operation of a production facility that aims to manufacture electronic goods this city.
“The Serbian regulation prescribes that the realization of the project will facilitate further development of the Serbian economy and will contribute to the overall improvement of the country’s competitiveness as an investment location,” the disclosure said.
The agreement states that the period of investment will be from 2017 to 2026.
“The development of the facility is in line with IMI’s strategy to strengthen its global footprint and to support the growing market for automotive components in the European region,” IMI said.