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Nexen Tire Czech Plant Investment Approved

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

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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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