on Progress-Werk Oberkirch AG (ETR:PWO)
PWO Group Secures €15 Million EIB Loan for Serbian Expansion
German automotive supplier PWO Group has received a €15 million loan from the European Investment Bank (EIB) to finance machinery at its new Serbian plant. The facility in Čačak, spanning 16,500 square meters, manufactures lightweight automotive components, including parts for electrified vehicles. The entire project, valued at €31 million, combines financing from PWO, the Serbian government, and the EIB.
The investment aims to create 550 jobs by 2033, supporting European Union foreign direct investment in Serbia. It enhances local production capacity and strengthens ties within European automotive value chains. The EIB's backing facilitates PWO's growth while fostering technological transfer and economic advancement in Serbia.
R. P.
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