The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.1 - Manufacture of motor vehicles
3,000 jobs Number of planned job creations
Announcement Date
26 May 2005
Employment effect (start)
1 January 2007
Foreseen end date
31 December 2008
Description
Hyundai Kia management has decided to increase the amount of its investment in the Žilina production plant by €130 million, up to €870 million. The new plant will produce 300,000 cars per year (instead of 200,000 cars), and will manufacture three car models rather than two. The originally planned number of employees was 2,400.
KIA management updated the announced business expansion plan in Žilina. The investment will increase up to €1 billion and in total 3,000 employees would work there by the end of 2008.
Kia Motors Slovakia management specified the new investment. The company considers increasing the engine production in the new plant in Žilina, where up to 600,000 engines will be produced per year (instead of originally planned 300,000) by the end of 2008. The increase of the production is caused by Kia Motors operation also in the Czech Republic, where the engines will be supplied.
Slovak Government will provide a state aid for the company in the total amount of SKK 1.2 billion. New investment will directly create 400 and indirectly around next 1,000 new jobs there.
Sources
9 November 2006: SME
7 November 2006: SME
26 May 2005: Slovakspectator
26 May 2005: SME
Citation
Eurofound (2005), Kia Slovakia, Business expansion in Slovakia, factsheet number 61693, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/61693.
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