Nov. 23 (Bloomberg) -- 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 today granted Johnson Controls 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 today. The U.S. maker of car parts 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 today, 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.
--Editors: Zoe Schneeweiss, James M. Gomez
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