Germany-based Thyssenkrupp Uhde is considering investing €200m in the a plant to produce pure polymers in the Russian Kabardino-Balkaria region, which is located in the North Caucasus. The project involves establishing production of polyethylene terephthalate (PET) for the food and textile industry with the capacity of 486,000 tonnes per year. The new production will create 2,500 new jobs. Part of the funding is expected to be provided by the Russian government and local authorities. According to Ivan Herter, Prime Minister of Kabardino-Balkaria, the construction of the plant is expected to be started in March 2012. Alfred Hoffmann, an official representative of Thyssenkrupp, said that, at the initial stage, the company plans to build two facilities for production of PET bottled granulated material, each with a capacity of 675 tonnes per day.