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Giesecke & Devrient moving 160 jobs to Slovakia

GERMAN concern Giesecke & Devrient (G&D) will move 160 jobs from Germany to Slovakia, the Hospodárske noviny business daily reported.

The company prints banknotes and produces various chip cards. The company will close its plant in Germany's Gmunde am Tegernsee and launch production close to the Slovak capital Bratislava.

According to the Süddeutsche Zeitung daily, the concern's decision was driven by the price factor. While in Germany it has to pay more than €30 per hour, in Slovakia it is under €10.

G&D is the world's biggest banknotes printer. A few years ago it expanded its production programme to include chip cards and last year posted a turnover of €1.2 billion.

The Gmunde am Tegernsee operation manufactures six million chip cards per month.

Compiled by Martina Jurinová from press reports
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