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Cabinet okays €19 million in state aid to Honeywell

US-based technology company Honeywell International, which plans to invest €38.31 million in a new factory at the Záborské pri Prešove industrial park, will receive investment state assistance to the tune of €19.15 million after a proposal submitted by the Economy Ministry to this effect was approved by the government at its session on Wednesday, March 30.

US-based technology company Honeywell International, which plans to invest €38.31 million in a new factory at the Záborské pri Prešove industrial park, will receive investment state assistance to the tune of €19.15 million after a proposal submitted by the Economy Ministry to this effect was approved by the government at its session on Wednesday, March 30.

Of the total amount, €11.52 million will go towards acquiring both tangible and non-tangible assets, while a contribution of €7.04 million was set aside for job creation, the TASR newswire wrote. The remainder, or €593,000, will take the form of tax relief. The ministry's document, which has been submitted for interdepartmental review, states that the investment assistance complies with requirements for state aid.

"An evaluation by the Slovak Industry and Trade Development Agency (SARIO) has found that Honeywell International Inc. is considered to have met all the general conditions for receiving investment assistance in line with the law," reads the proposal.

Construction work on the plant is scheduled to begin by the end of June, while production should be launched in 2012. The company is set to create at least 446 jobs in one of Slovakia's unemployment blackspots.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
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