BUSINESS IN SHORT

Magneti Marelli receives incentives

THE SLOVAK government approved state assistance to Italian firm Magneti Marelli Powertrain, a member of the Fiat concern, which is looking to build another factory in the Kechnec industrial park in eastern Slovakia for almost Sk617 million (€20.48 million).

THE SLOVAK government approved state assistance to Italian firm Magneti Marelli Powertrain, a member of the Fiat concern, which is looking to build another factory in the Kechnec industrial park in eastern Slovakia for almost Sk617 million (€20.48 million).

The factory will produce vehicle components. The Italian investor will receive an investment stimulus of almost Sk150 million (€4.979 million) in the form of a tax holiday, the SITA newswire reported.

The new plant will create 268 new jobs. Its construction will start this year and its operation will begin next year. Full production capacity is projected for 2015. The entire production is intended for export.

Meanwhile, the company is building a plant in Kechnec for manufacturing dashboards and multimedia devices for motor vehicles. The plant’s cost amounts to Sk1.2 billion (€39.83 million).

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