Miba will not draw investment stimulus
Austrian automotive supplier Miba failed to meet investment stimulus conditions and will not draw €3.2m approved by the government in 2019. Its plant in Dolný Kubín has invested the promised €14.5m into a new tools plant but due to the pandemic, a slump in the automotive sector and chip shortages it has been unable to create the promised 160 new jobs. It employs around a thousand workers and cut 90 jobs during the pandemic. Last year, the plant posted a 44% drop in net profit to €4m and its sales fell 19% to €76.6m.
