Volkswagen AG senior executives approved an automotive production project in Martin (nothern Slovakia) at their session on November 27. Auto Martin company, launched by DMD Holding in Trenčín and ZŤS TEES Martinske Strojarne in Martin, will be leading the project.
The national privatization agency, the FNM, will allocate 281 million Sk ($7.8 million) for the project in total, and will attempt to obtain a stake in the operation. Production should start in the second half of 1999.
The Martin plant will produce car components and body parts. It will create about 1,450 jobs, while production volume is predicted at 12.26 billion Sk ($341 million) annually. VW will invest 5.5 billion Sk ($153 million) into the Martin project between 1999 and 2000.
Volkswagen AG management also approved a project for further construction of a new body shop and an assembly hall at the VW plant in Bratislava. The added facilities should double VW Bratislava's current daily production capacity to 1050 vehicles by 2000.
7. Dec 1998 at 0:00 | From press reports of TASR and SITA