VW Slovakia buys 6.4ha of land for EUR 1.06mn.

By bne IntelliNews December 20, 2010
Volkswagen Slovakia bought 6.4ha of farmland, enabling expansion of plant's capacity, news agency CTK reported, quoting Slovak agricultural minister Zsolt Simon. The plot which is situated near the town of Martin cost EUR 1mn and was bought from the Slovak state. According to the agricultural minister, the company will probably use the land to expand the production capacity of its plant in Martin. VW Slovakia should create 400 new jobs for the next four years, the minister added. Otherwise the car-maker will have to return the land at purchase price and pay a fine. Vladimir Machalik, spokesman for VW Slovakia, commented that further details on plans for production capacity expansions will come in due time. The plant in Martin currently employs 800 workers and produces car components for Volkswagen, Audi, Skoda and Seat. About 7% of its production is used in VW's plant in Bratislava, the rest is exported. VW Slovakia is among the leading car makers that operate in the country. The company was badly hurt by the economic crisis but production revived in 2010 and the expectations for 2011 are positive.

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