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Samsung gets €28-million tax relief to continue producing in Slovakia

Korean company Samsung will not leave Slovakia, the head of its Samsung Electronics division, Boo-Keun Yoon, has promised Slovak Labour Minister Jozef Mihál. Though the announcement was intended to end speculation about a possible move by the Korean firm’s Slovak operations to Romania, Yoon admitted that the production of LCD screens faced serious problems, the SITA newswire reported.

Korean company Samsung will not leave Slovakia, the head of its Samsung Electronics division, Boo-Keun Yoon, has promised Slovak Labour Minister Jozef Mihál. Though the announcement was intended to end speculation about a possible move by the Korean firm’s Slovak operations to Romania, Yoon admitted that the production of LCD screens faced serious problems, the SITA newswire reported.

“I have to confirm that the production of LCD [screens] is in a very tough situation, so we are trying to reduce the number of localities where LCD panels are made,” Yoon said, as quoted by SITA, adding that in Slovakia his company plans to resume production and maintain its factories.

Because of the crisis on the market, the company sought financial help from the Slovak government.

“Economy Minister Juraj Miškov already approved another subsidy for Samsung in the form of tax relief at €28 million,” said Mihál, as quoted by SITA.

He added that the help should mean the Galanta-based company secures almost 1,000 jobs in Samsung and another 1,000 jobs in the supplying companies over the next five years.

Source: SITA

Compiled by Radka Minarechová from press reports
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