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Continental to invest moreFocus short
17 Sep 2012 Compiled by Spectator staff Other
CONTINENTAL Automotive Systems Slovakia wants to invest an additional €25 million into its Zvolen-based plant to extend its local production of braking systems. The Slovak Economy Ministry announced that the investment, for which the company has already asked for state support, should create 500 new jobs, the SITA newswire wrote on September 5.
The German investor has already applied for €4.5 million in aid, in the form of a tax holiday. The Economy Ministry will grant the stimulus on the condition that the investor will create jobs lasting a minimum period of time.
“The new [jobs] created in direct connection with the investment objective must be kept and occupied for five years at least since the day of their creation or signing of related working contracts,” stressed the Economy Ministry.
Continental Automotive Systems opened its plant in Zvolen in 2006. At that time it invested €16 million out of an aggregate planned investment of over €60 million, and the Mikuláš Dzurinda cabinet approved an investment stimulus of about €14 million.
The Continental group is a world leader in the automotive industry, with extensive expertise in tyre production, braking systems and vehicle dynamics and control. It currently operates 190 facilities in 37 countries and employs almost 140,000 people. In addition to Zvolen, it operates three other plants in Slovakia, in Dolné Vestenice, Prievidza and Púchov.
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