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LCD | July 03, 2008

Samsung receives EU fundings for new LCD plant in Slovakia

The European Commission has authorised around €65 million of aid that the Slovak authorities intend to grant to Samsung Electronics LCD Slovakia, belonging to the Korean Samsung Group.
The aid is intended for the setting up of a production plant for the assembly of liquid crystal display (LCD) TV modules in Voderady, Slovakia. The Commission's assessment found that the measure complied with the requirements of the Regional Aid Guidelines of 1998 and the conditions of the Multisectoral Framework on regional aid for large investment projects (see IP/02/242).

The high-tech project, with a total investment of nearly €300 million, will contribute to the regional development of Western Slovakia by creating around 1200 direct jobs and attracting further investment by component suppliers and subcontractors into the area, liable to give rise to more than 3700 indirect jobs.

Samsung Slovakia's investment project is aimed at setting up a plant in Voderady, to produce LCD TV modules of sizes between 32'' and 52''. These LCD modules will be sold to a number of LCD TV manufacturers, both belonging to the Samsung group and unrelated customers, for their final assembly into LCD TV sets.

The project is to be carried out in Western Slovakia, a region eligible for aid under Article 87(3)(a) of the EC Treaty as a region with an abnormally low standard of living and high unemployment.

Construction work on the project started in 2007 and will be carried out until the end of 2011. The aid will be granted in the form of direct grants and tax reliefs.
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December 13 2018 1:08 pm V11.10.14-2