Government gives green light to EUR 19m for Honeywell

Today the government gave the green light to the proposal of the Ministry of Economy to grant U.S. company Honeywell International investment assistance worth EUR 19.15 million.

The plan was ratified in connection with the planned EUR 38 million investment of Honeywell into the establishment of a plant at the Zaborkse industrial park near Presov. Construction work at the plant should begin in the summer, and when complete sometime in 2012 the new plant should generate around 450 jobs.

The EUR 19.15 million will be provided for the acquisition of assets (EUR 11.52 m earmarked for this) and the generation of jobs (EUR 7.04 m), with tax holidays making up the rest (EUR 593,000).

The plant should be producing around 1.5 million turbochargers once it reaches full production in 2015.

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