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BUSINESS BRIEFS

Nida Core Corporation to build plant

A NEW plant in Spišský Hrhov, which anticipates investments totaling €438 million, will produce composite materials from plastics, with five technological partners bringing in production know-how, according to the Trend weekly.

US producer Nida Core Corporation will provide know-how on producing the composites. Two of the other companies come from Italy while one each comes from Germany and Canada. They will produce items like car bodies and walls for prefabricated houses from the composite materials.

Another partner in the project is the Italian bank Monte dei Paschi di Siena, which is financing 50 percent of the project in Spišský Hrhov, project head Gerard Leroux told Trend.

The investment was announced at the beginning of June by the US financial group Simonstein & Henriks Corporation, represented by the advisory firm of Akerman Advisory Association.

The plant will produce three basic materials, glass fiber, reinforced polyester, structured panels and sandwich panels.

Around Sk800 million in direct incentives should be allocated for the investment and Sk1.2 billion should be earmarked for the municipality of Spišský Hrhov for the building of the industrial park and relevant infrastructure.

The investors are expecting government support for the project.

"If the Slovak government does not support the project we would consider moving the investment to another country," Leroux said.

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