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CORPORATE BRIEFS

Joint venture between Siemens and VW Slovakia widens production

A joint venture between Volkswagen Slovakia and Siemens, known as Volkswagen Elektrické Systemy, s.r.o. Nitra (VES - both firms own 50% stakes), is preparing to widen its production capacities.

Because of insufficient production capacities at its plant in western Slovakia's Nitra, VES plans to start production in the Zlaté Moravce, about 30 kilometers from Nitra, on the premises of the former Calex company.

The new VES plant should create 600 new jobs, while its production range will be the same as the VES plant in Nitra - the production of cables for VW Slovakia. Siemens Bratislava director Peter Kollarik reported this information on February 19.

VES plans to invest 250 million Sk ($6.25 million) in 1999 into new development programmes, which include opening the new plant. The region of Zlate Moravce has a 17% unemployment rate.

VES sales in 1998 totaled 2.5 billion Sk ($62.5 million). The company invested 100 million Sk, and exports were worth 350 million Sk. VES netted 800,000 DEM (16 million Sk) in 1997 on sales totaling 28.9 million DEM (almost 552 million Sk).

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