(Alliance News) - OVS Spa Group on Tuesday unveiled its investment project concerning the creation of a technological innovation hub and a multifunction center with a view to sustainability and circular economy.

The project involves the hiring of 125 people including graduates with skills in the world of digital, artificial intelligence and cyber security and specialized figures who will be employed in the rework of garments and activities related to the multifunction center.

"In this new technological innovation hub, the OVS Group will focus a large part of its program of development of projects with high digital content - dedicated resources of about EUR19 million in the three-year period 2023-2025 - and an innovative facility that will support the Group's development on issues concerning the reuse of garments in the circular economy with investments of about EUR14 million in the same period," the company explained in a note.

"The initiative was realized through the program contract of the Puglia region, aimed at large companies, a strategic tool that allows the company to increase the scope of investments and at the same time raise the rate of innovation of the projects thanks to collaboration with technological districts in the area. It also enhances synergies between innovative companies and the territory through the use of European funds intended to support part of the overall investments."

OVS trades down 1.2 percent at EUR2.29 per share.

By Claudia Cavaliere, Alliance News reporter

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