Modena, Italy – Modena on Wednesday (Jun 14) received £25 million in an EU bailout for its new appliances business, and will now invest the cash in a new factory in Germany.
The company said in a statement it would invest about €40 million ($59 million) in the new factory, which will employ more than 200 people.
It said it will use the money to “improve and upgrade” the plant.
In a bid to diversify its supply chain and boost its export sales, the company has also signed an agreement with Germany’s DHL, which it said would help boost its supply chains and cut costs.
The company said it planned to create new jobs in Germany in order to boost its sales.