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CORPORATE BRIEFS

Siemens Slovakia expects 16 billion Sk turnover in 1998

The group of German Siemens companies in Slovakia predicts it will achieve a cumulative turnover of at least 16 billion Sk this year, while in 1997 this figure totaled only 12 billion Sk, said Peter Kremsky, the press secretary of Siemens Slovakia.

Taking into consideration H1 results, exports should be at 7.5 billion Sk, up 2.5 billion Sk from 1997. The volume of investments is expected to be at last year's level of more than 1.2 billion Sk.

Siemens is one the two greatest foreign investors in Slovakia. On June 30, 1998 it employed about 6,500 people in its ten companies in Slovakia (of this number, five are production companies). Siemens investments in Slovakia total more than 5 billion Sk, and were spent in production companies with Siemens AG capital, including Siemens Automotive Michalovce, Osram Nove Zamky, VW Elektricke Systemy Nitra, SWH s.r.o. Bratislava, VAC s.r.o. Horna Streda and Kablo Bratislava.

Other investments were destined for the establishment of joint ventures to provide services to Slovak customers (Reaktortest Trnava and Siemens Nixdorf Bratislava). Siemens productions companies supply Bosch, Ford, VW, Audi and Volvo, while software maker SWH Bratislava supplies computer programmes to German Telecom.

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