Honeywell Plant Receives Hefty Incentive from Slovakia

$26 million to support new job creation as well as tax breaks

The Slovak government said on March 30 that it had approved incentives worth 19.15 million euros (US$26.9 million) for a turbocharger plant planned by technology giant Honeywell.

"The state subsidy will include 7.04 million euros to support the creation of new jobs and tax breaks worth 594,383 euros," said the economy ministry.

The remaining 11.5 million euros will include areas such as aid for construction and machine purchases.

Honeywell plans to build the plant worth 38.3 million euros, in Presov, eastern Slovakia, creating 446 new jobs in the country's poorest region with the highest unemployment, the ministry said earlier this month.

The company plans to export all of its production, the ministry added.

The production of cars and car components is one of the engines of the post-communist country's economy, which depends heavily on demand from the German market.

Copyright Agence France-Presse, 2011

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