Korean car supplier Sungwoo Hitech plans EUR 13.9mn investment in Slovakia.

By bne IntelliNews June 2, 2010
Korean car components producer Sungwoo Hitech intended to invest in the expansion of its operations in Slovakia, the economy ministry announced. Currently, the company is active in the production of bodyshell components for cars and operates a plant in the regional centre of Zilina. The new investment project would include the construction of a new production hall and new equipment at the plant's premises. Construction works were planned to be launched in Q3 and the project should be completed in 2012. Employment created by the investment was expected at 110 jobs while total investment cost were estimated at EUR 13.9mn. The ministry added that the Korean company had applied for EUR 4.7mn of state investment aid, including EUR 1.7mn support for job creation and the remaining part being under the form of tax relief.

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