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:

Comments

Recommended

Mazda seems too far ahead in Safety technology for having four of its vehicles chosen as the safest on the road. Very recently, the Insurance Institute for Highway Safety has...
by - June 22, 2017
The automotive world is intensely competitive given the growing number of players, but the British car manufacturer is adamantly holding on to its spot. The 2018 Jaguar XF Sportbrake, priced...
by - June 22, 2017
Audi’s all-electric supercar, the R8 e-tron, had been discontinued last October after being in the market for under two years. The electric vehicle was then exclusive to the European market...
by - June 22, 2017
Dodge has made it clear to everyone, including its potential buyers, that the Challenger SRT Demon is a street-legal drag car - that it is unlike any of your ordinary...
by - June 22, 2017
After a number of failed attempts, Tesla finally gets an Arizona dealership license by winning a court battle that allows them to sell directly to consumers. The automotive dealer license...
by - June 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