Japan's Nidec builds EUR 1.5 bln plant in Novi Sad

Japanese electric motors maker Nidec Corporation launched the automotive motors plant in Novi Sad city in Serbia as part of its plans to expand in Europe.

The value of the project, which includes the factory and a research centre, is EUR 1.5 billion, according to the Development Agency of Serbia statement. The factory will spread on 59,760 sqm and is due for completion by mid- 2022.

Upon its completion, the facility will be the Japanese company's largest factory in Europe, with a capacity to manufacture about 300,000 units per year.