REPRESENTATIVES from the Slovak Economy Ministry signed an investment contract with Getrag Ford Transmissions February 11.
Getrag Ford will build a new plant near the eastern Slovak village of Kechnec, investing €300 million. The investment will create a total of 1,700 jobs, the Hospodárske noviny, business daily wrote.
The German-based company plans for an annual turnover of €300-400 million.
The Slovak cabinet recently approved investment incentives for Getrag Ford Transmissions that should reach €54.5 million (Sk2.1 billion).
Of this sum, €40 million should be in the form of direct financial grants for the infrastructure and purchase of plots. €13.5 million will be in the form of tax breaks spread over a 10-year period, and €1 million will be contributions to training and education.
Getrag Ford is one of the world's biggest producers of transmissions.
Compiled by Martina Jurinová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
14. Feb 2005 at 10:31