Nexen Tire Czech Plant Investment Approved

Time: Jul 26th  2015   Copy editor: Tyrefull

The European Commission approved a €117million investment for Nexen Tire Corp. to build a factory in the Czech Republic.

The European Commission found the investment offer from the government trade agency, CzechInvest, was compatible with EU state aid rules and will ¡°promote regional development without unduly distorting competition in the internal market.¡±

The EU estimates the plant will create at least 1,000 new jobs in Žatec.

The European Commission was also informed that the Czech Republic plans to support the plant¡¯s construction by offering €116.8 million. This amount includes a direct grant of €39.7 million, an employment grant of €10.1 million and about €67 million from tax relief and selling the plant at a reduced price.

The Žatec plant is expected to be built by 2018 with a total investment of €769 million and will have a capacity of 12 million units.

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