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Visteon to receive Sk423 million in state aid

SLOVAKIA is to provide Sk423 million in state aid to support a planned investment by Visteon Slovakia, founded by Visteon International Holdings.

According to a draft investment contract prepared by the Economy Ministry, Visteon plans to invest Sk2.6 billion by 2008 in a new factory in Nitra and a warehouse in Dubnica nad Váhom for the Hyundai/Kia car plant near Žilina.

The company plans to create 508 jobs by 2010.

Of the total investment incentives proposed, direct subsidies come to Sk387.8 million while tax breaks make up Sk7.9 million. The company should also get Sk27.2 million in state aid for training and education programs.

The new factory will make parts for car interiors and air conditioning systems.

Compiled by Martina Jurinová from press reports
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