German bicycle manufacturer Corratec entered Romania by buying in Timisoara a plot of land of about 50,000 square meters with the aim of launching the production of bicycles on the local market, starting early next year. The plot of land includes buildings with a total area of 30,000 square meters.

Profit.ro estimates that the German company will invest around EUR 10 mln.

The plan is to begin the production at the new plant in February, at a capacity of 300,000 bicycles per year, including electric bikes, under the Corratec brand.

In the first phase, with a length of 24 months, the factory will increase employment up to 300. According to the current business plan, the staffing scheme will subsequently increase to 400-600 employees.

andrei@romania-insider.com

(Photo source: Nomadsoul1/Dreamstime.com)