CORRECTION: A previous version of this story overstated the value of Magna’s investment in its Slovenian paint shop. The supplier spent $76.1 million on the project.
Magna International’s European subsidiary Magna Steyr opened a new paint plant in Slovenia’s northeastern Hoce–Slivnica municipality on Wednesday.
The paint shop, which complements contract vehicle production at a Magna Steyr plant in Graz, Austria, started test runs in March. The plant currently employs 200 people and is poised to employ an additional 200 people when running at full capacity.
Magna spent about $76.1 million on the plant and received about 18.6 million euros ($21 million) in government incentives from Slovenia. Magna first revealed plans for the factory in January 2017.
Construction of the factory is the largest greenfield investment in the country’s history, the Slovenian government said in a statement Wednesday.
Magna Steyr builds cars for Mercedes, BMW, Toyota and Jaguar at its contract manufacturing factory in Graz, according to Automotive News Europe's guide to European Assembly Plants. The Graz plant is about 47 miles north of the new Slovenian plant.
Magna International ranks No. 3 on the Automotive News list of the top 100 global suppliers with worldwide sales to automakers of $40.82 billion.