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EC approves state aid for Getrag Ford Slovakia

THE EUROPEAN Commission has approved the €53.5 million (Sk 2 billion) in investment incentives that Slovakia proposes to offer Getrag Ford Transmission Slovakia.

Slovakia will provide the foreign investor with €40 million in direct financial grants for infrastructure and land buyouts.

Ten-year tax relief should amount to €13.5 million, while €1 million should go to education projects related to the investment.

Getrag Ford Transmissions Slovakia is a 100-percent subsidiary of Getrag Ford Transmissions, a 50-50 joint venture owned by German company Getrag and US automaker Ford.

Getrag Ford Transmissions has launched construction of its new gearbox factory in the Kechnec industrial park in eastern Slovakia. The plant will employ about 750 people and represents an investment of around €300 million (Sk11.5 billion).

Compiled by Martina Jurinová from press reports
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