Johnson Controls and other to get 45.8 million euros to invest in Slovakia

Article by Christian A., on November 24, 2011

A 45.8 million euros ($61.3 million) state aid for Johnson Controls Inc. and eight other manufacturers that intend to invest in Slovakia has been approved by its government. Last Wednesday, the Cabinet had its meeting in the Slovak capital Bratislava where it granted tax breaks and cash subsidies amounting to 5.7 million euros in exchange for increasing production in Namestovo, northern Slovakia, and resulting to the creation of 251 jobs.

Johnson Controls, which is based in the U.S., supplies auto interiors. Johnson Controls intends to invest around 19 million euros in the project. Slovakia is hoping to bring in foreign investment so that jobs could be preserved at a challenging time when the growth in the economy is slowing down with the widening of the reach of the euro-region's debt crisis.

These projects are primarily in the electronics and car making industries, which are the key export sectors in Slovakia. The nine projects will result to the creation of 1,674 jobs in total. They all stand for a total investment of 222 million euros. Johnson Controls places seventh on the Automotive News Europe list of the top 100 global suppliers. Its global auto sales amounted to $16.6 billion in 2010. Around 49% of which were made in Europe. [source: BusinessWeek]

If you liked the article, share on:

Pin It

Comments

Recommended

The German automaker Volkswagen is now racing against time to come up with electric vehicles that will be able to pass Europe and China's stringent emission standard. The car company...
by - March 22, 2017
In the last few years, the advent of compact sedans and crossovers has become quite overwhelming. Even two of the major manufacturers that “started it all” have to admit that...
by - March 22, 2017
By 2020, Audi will be throwing out not just one but three fully-electric vehicles. One of which will be pitted against the BMW i8. This new information was revealed by...
by - March 22, 2017
Tesla confirms that they will be discontinuing the fairly new Model S 60 and 60D sedans as soon as next month. Why, you ask? The company wants to make enough...
by - March 22, 2017
Have you ever wondered how much luxury car companies profit from every vehicle they sell? And which companies profit more? Well, in 2016, Porsche sold over 238,000 vehicles. That is...
by - March 22, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries