LJUBLJANA (Slovenia), February 24 (SeeNews) - Japan's Yaskawa Electric Corporation signed an agreement on Friday for the purchase of land in Slovenia's southern municipality of Kocevje where it will build a 25 million euro ($26.5 million) factory for the production of industrial robots, the municipal government said.

The construction of the plant will begin in the autumn, while production is expected to start at the end of 2018, the local government of Kocevje said in a statement.

The factory's production will satisfy between 70 and 80% of demand for industrial robots on the European market, the government noted.

Local media earlier reported that the plant's initial capacity will be 4,000 robots per year, before increasing to 5,000 and later to no more than 6,000.

In 2020, the Japanese company plans to expand in Slovenia and build a centre for robotic research and development.

Yaskawa Electric, founded in 1915, is one of the world’s leading manufacturers in the fields of drive technology, industrial automation and robotics based in Kitakyushu, Japan.

The company already has two subsidiaries in Slovenia, Yaskawa Slovenia and Yaskawa Ristro.

($=0.9424 euro)