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Kronospan investment plans under fire

KLUB 500, an organization uniting companies with 500 or more employees, principally disagrees with providing Sk3.5 billion in incentives to Cyprus-based wood-processing company Kronospan for its intended Sk12 billion investment.

"Slovak entrepreneurs consider this investment overpriced, even greater than that of South-Korean tyremaker Hankook. Slovakia would once again exceed the ceiling for state aid recommended in the EU by several times," said Tibor Gregor, the Klub 500's executive director.

Kronospan's new investment should create another 550 jobs. The firm already operates two plants in Slovakia and employs 500 people.

However, Kronospan threatens to move all of its current capacities from Slovakia to Poland were the government to refuse to provide the incentives.

According to Klub 500, this is extortion of the Slovak Government and the country would be better off without such investors.

Compiled by Martina Jurinová from press reports

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