US Honeywell eyes EUR 19mn in state aid for Slovakian project.

By bne IntelliNews March 25, 2011
Diversified U.S. manufacturer Honeywell, which plans to invest EUR 38mn in a car-turbocharger plant in Slovakia, expects to receive EUR 19mn in subsidy package from the government, TASR news agency reported. Some EUR 11.5mn are to be spent on the purchase of long-term tangible and intangible assets, EUR 7mn on job-creation and almost EUR 600,000 in the form of tax allowances. Honeywell's plant will be built in Presov, eastern Slovakia, and will employ 446 people. Production is expected to start in 2012. The company will initially make 300,000 turbochargers a year and consequently raise the output to 1.5mn turbochargers in 2015. Honeywell chose Slovakia over Poland for the project in late-December.

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