Serbian President Boris Tadic, representatives of the Serbian government and the Bosch group will announce on Thursday that Bosch is planning to expand business activities in Serbia, the Serbian president's press service released.

According to earlier media reports, the Bosch company, famous for producing home appliances, tools and car parts, is planning to build a factory near Indjija, Vojvodina. The initial investment will reache about EUR 75 million, but it is not yet familiar what will the factory will produce, taking into account Bosch has a large product assortment.

The full name of the Bosch company is Robert Bosch GmbH, and it was named after its founder who launched the business in 1886 in Stuttgart. The company released that sales exceeded EUR 47 billion in 2010, 77 percent of which was generated outside Germany. Bosch has 112,000 employees in Germany and 164,000 abroad.