We are pleased and proud to announce the launch of our new factory in Macedonia, a project which we have been working on for the past year. This 20 million EUR investment is the result of detailed analyses which revealed that the sales potential of these cable types in the region and throughout Europe is significantly greater than our current production capabilities.
The new factory which covers 20,000 m2 will be located in Negotino, specifically the IGM Industrial Park which is strategically located near the highway, railway station and airport and will apply cutting-edge technology and sustainable manufacturing practices.
This factory will be part of the TT Cables Group, which employs over 400 persons and sells its products in more than 50 countries worldwide. Our Group currently has a distribution network through subsidiaries in Lithuania (TT Cables Nordic UAB), Austria (TT Cables GmbH Austria), Croatia (TT Kabeli doo Croatia), Serbia (TT Kabeli doo Serbia), Bosnia and Herzegovina (TT Kabeli doo Bosna and Herzegovina), and the next factory in North Macedonia (Kabeks Kables dooel – TT Kabeli Macedonia).
The investment in a new factory in North Macedonia provides our Group with a new range of signal, control and instrumentation cables, as well as the expansion of existing capacities for our sales network. The new factory has a capacity of approximately 30,000 tons of cables across 30 production lines. This investment will create 90 new high-quality jobs and business opportunities for approximately 100 local suppliers, boosting economic development not only in North Macedonia, but throughout the region. The new factory will have cutting-edge, highly automated machinery and production lines, allowing for maximum efficiency and scalability.
As always, strict quality control measures will be implemented in all of our processes to support international standards and certifications, ensuring that the manufactured cables meet the needs of various industries and adhere to all safety and environmental regulations. We are looking forward to the opening of the new factory, which we believe it will serve as a stepping stone for our ambitious plans in the future. Construction works and machine orders are already underway and the new factory is expected to open in the second half of this year, ushering in a new chapter and era for the entire TT Cables Group.