Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

World

Peugeot to invest 130 mn euros in Slovakia

BRATISLAVA, Apr 11 – French car maker PSA Peugeot Citroen said Monday it would invest 130 million euros ($187 million) to launch the production of a new model at its Slovak plant.

"The production of a new model will be launched in 2012 and it will be a new Peugeot model," PSA chief executive Philippe Varin said as he announced the sum.

He did not specify the car type.

"The investment will create 900 new jobs in Slovakia," he added.

The plant, employing 3,000 people and currently operating in two shifts, plans to launch a third shift and reach its full operational capacity of 300,000 units a year in 2012, said Varin.

Speaking alongside Varin, Slovak Prime Minister Iveta Radicova hailed the move.

"The investment and new jobs for people are good news for Slovakia amid the lingering global downturn," she said.

The plant, which produces vehicles mostly for the German, French and Italian markets, has weathered the global slump by focusing on small, greener cars.

The factory in Trnava, western Slovakia, produced 187,000 autos last year, down from 205,000 in 2009.

Advertisement. Scroll to continue reading.

PSA, which launched production in Slovakia in 2006, currently produces the Peugeot 207 and Citroen C3 Picasso cars here.

The auto industry is now the driver of the former communist economy.

Slovakia, which joined the European Union in 2004 and adopted the euro in 2009, is also home to plants run by Germany\’s Volkswagen and South Korea\’s KIA Motors.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...