The factory of the company “Modine”, which was opened in Sremska Mitrovica, received subsidies of 1.7 million euros

The American company “Modine SRB”, which has been operating in Sremska Mitrovica for ten years, opened today a new facility with production lines in the same city. The Development Agency of Serbia previously awarded this company a subsidy of 1.68 million euros, on the condition that it hires at least 330 new workers for an indefinite period until 2025.

According to the contract that the director of the company, Guido Innocenti, signed with the then Minister of Economy, Radet Basta, as Nova ekonomija writes, the funds are intended to expand the capacity for the production of electromagnetic threads, coolers and coatings, which are used in air conditioners, transport, food storage and other industrial processes.

The company established its subsidiary in Serbia, which is owned by the company “Modine Hungaria KFT”, on December 6, 2013.

Domestic Modine had 448 employees at the time of submission of the request for subsidies, on December 19, 2022, of which 260 had an indefinite-term contract, and 188 had a fixed-term contract.

Funds for these purposes will be paid in three installments. The first is planned during this year in the amount of 610,858 euros, after providing evidence that the company invested more than seven million euros and hired 80 new workers for an indefinite period.

The second tranche in 2025 will be paid in the amount of 711,098 euros after providing proof that 5.68 million euros have been invested and 150 new workers have been hired for an indefinite period.

The third tranche will be paid in 2026, in the amount of 359,922 euros, with confirmation that the company has invested 1.8 million euros and hired another 100 workers for an indefinite period.

“Modine SRB”, as is customary in domestic subsidies, has committed itself that every employee will receive a salary that is 20 percent higher than the minimum, as well as to enable students and high school students to come to the company for internships.

Today’s opening of the plant was also attended by representatives of the company’s management, the US ambassador to Serbia, Christopher Hill, and the representative of the Government of Serbia, Miloš Vučević.