The Slovak Cabinet agreed to help finance the building of a factory for the production of bearings in the northern Kysuce region with the German company INA Werk Schaffler oHG at its July 1 session. Cabinet asked Finance Minister Brigita Schmögnerová to send 15 million Slovak crowns immediately to the municipal government office in Kysucké Nové Mesto to help the German company with its construction of the plant. Slovakia will ultimately contribute 147 million crowns to the project.
A Slovak INA affiliate was scheduled to be established on July 10. The new affiliate should have an annual turnover of 60 million DEM and provide 1,000 new jobs in the Kysuce region. Ninety percent of the factory's production is destined for export. The construction of the plant will require a 180-million DEM capital investment. Local bearings producer KLF-ZVL will supply the INA affiliate with components. INA already successfully operates one bearings plant in Skalica.
INA ranks among the ten largest producers of bearings in the world. After the completion of the Kysuce factory, INA will become one of the most significant foreign investors in Slovakia.
26. Jul 1999 at 0:00 | From press reports of TASR and SITA