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€10 mil stimulus for six firms, approved by cabinet

The Economy Ministry proposed six manufacturing companies for state investment aid.

L-R: Deputy Prime Minister for Investments and Informatisation Peter Pellegrini, Prime Minister Robert Fico and Interior Minister Robert Kaliňák at January 18 cabinet session. (Source: TASR)

In total, the stimulus package amounted to €9.65 million and in cooperation with the respective companies this means that a total of €28.6 million will be invested in Slovakian business and almost 400 new jobs will be created in the localities of Trencin, Hnúšťa (in Banská Bystrica Region), Sučany, Krásno nad Kysucou (both in Žilina Region), Kechnec (in Košice Region) and Rimavská Sobota (Banská Bystrica Region) the SITA newswire wrote on January 18.

These companies involved are Yanfeng Slovakia Automotive Interior Systems, Versaco, VAW, Hyunnam SK, Kuenz – SK and Hyca.

Profiles of investment stimuli benefactors

Hyca, plans to build a new plant in Rimavská Sobota to produce drays and containers; it wants to invest €1.2 million and create 20 new jobs. It had asked for a stimulus of €660,000.

Kuenz – SK plans to extend its existing production of components for cranes and water constructions, with its own investment planned at €3.7 million, as well as creating 43 jobs. It wanted a stimulus of €1.075 million.

In the village of Krásno nad Kysucou, Hyunnam SK wants to extend its production of car components. It plans to spend almost €17 million on investments and create 240 jobs, asking for a stimulus of €5.9 million, of which a tax holiday should make up €5.7 million.

VAW plans to build a new technology centre in Sučany, specialising in development and innovative activities focused on design, development and innovation in industrial automation. The company is going to invest more than €1.5 million and create 30 new jobs. It is asking for a stimulus of €678,000, SITA wrote.

Versaco, in the town of Hnúšťa, wants to extend its production of plastic covers for wheels and plastic brooms and scrapers. It wants to invest €1.3 million and add 20 new jobs, asking the government for assistance of €531,600.

In Trenčín, Yanfeng Slovakia Automotive Interior Systems plans to extend its technology centre for the research and development of interior car components. The company wants to invest €3.8 million and create 44 jobs. It wants a stimulus of €802,574.

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Topic: Economics


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