Korean car maker Kia Motors to invest EUR 100mn in new plant in Slovakia.

By bne IntelliNews March 19, 2010
Korean car maker Kia Motors decided to build another plant for engine production in Slovakia, president of Kia Motors Slovakia In-Kyu Bae announced. He underlined that the project confirmed the long-run interest of the company in its Slovak operations and noted that the investment would have a positive effect on employment and economic growth in the country. Total investment cost of the new facility would be more than EUR 100mn and it would provide capacity for the production of 150,000 engines. Overall production capacity of Kia in Slovakia would thus expand by 50%. Output of the new plant would be exported to the Czech Republic to supply the car producing plant of parent Korean company Hyundai. Construction of the engine hall should be completed by March 2011 while commercial operations were planned for launch in the end of 2011 with full capacity to be reached in 2012. The project should open up directly 270 new job positions and would be supported by the government with EUR 15mn of investment aid under the form of tax relief.

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