Johnson Controls, others get state aid to invest in Slovakia
BRATISLAVA -- The Slovak government approved 45.8 million euros ($61.3 million) in state aid for Johnson Controls Inc. and eight other manufacturers investing in the eastern European country.
The Cabinet at its meeting in the Slovak capital Bratislava Wednesday granted Johnson Controls, a U.S.-based supplier of auto interiors, tax breaks and cash subsidies worth 5.7 million euros in exchange for expanding production in Namestovo, northern Slovakia, creating 251 jobs, according to a statement.
Johnson Controls will invest about 19 million euros in the project.
Slovakia is seeking to attract foreign investment to preserve jobs at a time when economic growth is slowing as the euro-region's debt crisis spreads.
The projects, which were granted aid Wednesday, are mainly in the electronics and car making industries, Slovakia's key export sectors. The nine projects are set to create a combined 1,674 jobs and represent a total investment of 222 million euros.
Johnson Controls ranks No. 7 on the Automotive News Europe list of the top 100 global suppliers with worldwide sales to automakers of $16.6 billion in 2010. Europe accounted for 49 percent of that total.
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