US company Honeywell International Inc. looks set to receive around EUR 19 million in investment stimuli from the Slovak government for the purchase of long-term assets (EUR 11.5 m), the generation of jobs (EUR 7 m) and in tax holidays (EUR 600,000), reports SITA newswire.
The Ministry of Economy has already submitted the investment assistance proposal to the interdepartmental review process. Honeywell is investing around EUR 38.3 million into a plant near Presov that will produce turbochargers for cars and trucks, with the generation of almost 450 jobs. The investment assistance, if approved, will therefore mean almost EUR 43,000 for each new job.
The plant should be operational next year already, while the initial full production capacity of 700,000 turbochargers per annum should be reached in 2013, rising later to the planned level of 1.5 million turbochargers in 2015. Even though Slovakia is one of the automotive capitals of the world, Honeywell’s production in Slovakia should all go to export.