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Cabinet approves investment incentives of Sk1.3 billion; Kia gets another Sk1.2 billion

THE SLOVAK cabinet approved state aid totaling Sk1.3 billion to six foreign investors at its December 13 session.

The Economy Ministry had proposed that incentives be approved for the companies CRW Slovakia, Sitem Slovakia, Visteon Slovakia, Unomedical, SCA Hygiene Products Slovakia, and Johnson Controls Lučenec.

Johnson Controls and Visteon will get the largest share of the approved package. Johnson, which plans to invest Sk993 million in Lučenec in Eastern Slovakia, will get Sk471 million. It plans to employ about 350 people in its new car components plant.

Visteon will get almost Sk396 million in incentives. It plans to invest Sk2.6 billion into a new car components plant in Nitra, where it plans to employ over 500 people.

The government also approved further incentives for Kia Motors Slovakia, which plans to invest another Sk8.1 billion into boosting its engine production unit near Žilina. Capacity at the plant should increase from a planned 300,000 to 600,000 engines per year.

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