30 October 2012

Italian company TeknoHose to invest €15 million and create 200 jobs in Macedonia

30 October 2012 - On Monday, Italian company TeknoHose launched production in the plant located in the Technological Industrial Development Zone (TDIZ) Skopje 1. The initial investment is €5M, creating 50 jobs. Starting in March of next year, a new €10M investment is expected to be realized, increasing the number of employees to 200.

The plant will produce high pressure reinforced rubber hoses, used in many industries such as construction and automotive.

Prime Minister Nikola Gruevski, Government ministers, TeknoHose CEO, Antonio Vitillo, and Italian Ambassador to Macedonia, Fabio Cristiani, officially launched production of the plant.

"Despite the effects of the global economic crisis on the investment, which was initially announced in 2008, the result is here, the new plant of Italian investor TeknoHose”, said PM Gruevski at the ceremony.

According to him, the investment was yet another confirmation that the Government's economic policies yielded the expected results.

Company CEO, Vitillo, stressed that the Government had provided support during the entire course of investment implementation, adding they chose Macedonia due to the excellent geographic location, competitive costs, and favorable tax system.

Italian Ambassador, Cristiani, emphasized that his country's investments in Macedonia were modest, but expressed optimism they would increase in the coming period.

TeknoHose is registered in Macedonia under the name Vitek Macedonia, a member of Italy's Vitillo Group. It purchased an existing facility in TIDZ Skopje 1, which has been completely reconstructed and adapted.

The company plans to start construction of a second facility in 2013 for the production of hydraulic couplings for reinforced hoses. 

Source: Invest in Macedonia