BUSINESS BRIEFS

Russians considering silicone plant in Jelšava

THE RUSSIAN company MPG Holding has offered to buy part of the local military barracks in the town of Jelšava (Banská Bystrica region) in order to set up a new silicone processing plant.

The Russian company, backed by Japanese capital, is planning to invest $330 million (€280 million) in the town. The production should use new technology for processing silicone for the electro-technical industry.

"Jelšava town councillors will soon discuss the contract," town mayor Milan Kolesár told the TASR news wire.

MPG Holding is interested in buying two-thirds of the 16-hectare military camp, where it is considering setting up production halls. The camp's former canteen has already been partially converted for manufacturing. This year, the company is planning to employ 50 people, with a possible further 250 new jobs to follow.

According to Kolesár, the remaining third of the barracks is being transferred from the Defence Ministry to the Justice Ministry for use as a prison. The arrival of a foreign investor and the setting up of a jail could help alleviate the around 40-percent unemployment rate in the town.

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