Components maker Lear on Tuesday said it would invest about 2.3bn crowns ($US93.3m) in a new automotive seat factory in Slovakia.
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The factory, initially employing 500 people, will be located in the eastern Slovak town of Presov where production is scheduled to start in the fourth quarter of this year, Reuters reported.
“Total investment will reach some 2.3bn crowns,” a Presov spokesman told the news agency. “This is the first investor to make such a big investment (in the town).”
Reuters said the government had been trying to lure investors to the Presov area, where unemployment runs at 12.46%, well above the national jobless rate of 9.2%.
“This region is the car sector’s region of growth and there were three factors for Lear when choosing this site: people, the possibility to grow in the region and the region’s economic attractiveness,” James Brackenbury, Lear’s senior vice president and president of European operations, told the news agency.
Major car makers in Slovakia include Volkswagen, Kia, and PSA Peugeot Citroen, which earlier this week announced a EUR100m expansion.
