Austrian engine and car parts producer Miba Friction Group will invest up to €20 million ($US26 million) in a new plant in Slovakia, according to Reuters.
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Chief executive Alfred Hoertenhuber told the news agency Miba would close a unit in United Kingdom, which has 150 staff, and relocate production of clutches and brake components for heavy machinery to Slovakia.
Miba reportedly plans to start production in the Slovak plant at the end of 2005 and expected annual turnover is around €20 million when the company comes on full stream from the end of 2006.
The entire output of the Slovak plant will be exported, mainly to EU markets, Reuters added.
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