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Samsung will receive additional tax break from Slovakia

South Korean-based Samsung company will continue production in Slovakia, according to Labour Minister Jozef Mihál who during his visit to South Korea met with Boo-Keun Yoon, the president of the Visual Display Division of Samsung Electronics, who denied media reports that the company may depart Slovakia, the SITA newswire wrote.

South Korean-based Samsung company will continue production in Slovakia, according to Labour Minister Jozef Mihál who during his visit to South Korea met with Boo-Keun Yoon, the president of the Visual Display Division of Samsung Electronics, who denied media reports that the company may depart Slovakia, the SITA newswire wrote.

Samsung did report that its global production of LCD displays is unfavourable at this time.

"I have to confirm that LCD production has found itself in a difficult situation and therefore we are making efforts to minimise the number of localities where we make LCD panels. However, we want to continue their production in Slovakia and keep our position," Yoon stated, as quoted by SITA on November 14.

Samsung has asked the Slovak government for further assistance.

Mihál confirmed that Slovakia has signed another subsidy for Samsung in the form of tax relief worth €28 million, with SITA writing that this assistance should keep almost 1,000 jobs directly in Samsung’s Slovak factory and almost 1,000 jobs in subcontractor firms over the next five years. Slovakia has provided some €10 million to Samsung in incentives over the past five years.

Samsung Electronics Slovakia has been operating in Slovakia since 2002 making TV sets, computer monitors and plasma screens in its plant in Galanta. The Galanta facility employs almost 3,000 people and is the biggest production plant of the South Korean company in Europe. It is also among Slovakia's biggest exporters.

Source: SITA

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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