Magna PT is investing €220m in Kechnec
Magna PT, a Canadian automotive supplier, launched the construction of a new €10m hall for the production of transmission components in its plant in Kechnec near Košice. It will add 40 new jobs to the current 950 upon completion in July 2021. It is investing €220m in total; the rest are technologies for transmissions supplied to BMW. It requested a state investment stimulus for the investment. Economy Minister Richard Sulík (SaS) will recommend approving a tax break totaling 20-25% of the investment as the project is in a less developed region.
This year, the pandemic will reduce the plant’s output by 25% compared to last year’s €33.3m, as it was forced to pause production for several weeks due to lacking parts from an Italian supplier. It did not axe jobs, though.