Honeywell, Other U.S. Companies to Invest in Slovakia, Add Jobs

Honeywell International Inc. (HON) and four other U.S. companies will invest in Slovakia, creating a combined 2,500 jobs, Economy Minister Juraj Miskov said today.

Honeywell will spend 38 million euros ($53 million) to build a turbocharger plant near Presov, eastern Slovakia, which will employ 446 people, Miskov said at a press conference in the capital Bratislava today. The ministry will recommend the Cabinet to provide the company with state aid in the form of tax breaks and cash subsidies, he said.

International Business Machines Corp. (IBM), AT&T Inc. (T), Johnson Controls Inc. (JCI) and Hewlett Packard Co. also plan to expand their operations in Slovakia, aiming to hire about 2,000 people between them, Miskov said.

The government is seeking to attract more foreign investors after the global economic slowdown cut the inflow by half to 123 million euros in 2010. Sario, the state agency for promoting foreign investment, is currently working on 20 possible projects, Director Robert Simoncic said at today’s press conference, without elaborating.

To contact the reporter on this story: Radoslav Tomek in Bratislava at rtomek@bloomberg.net.

To contact the editor responsible for this story: James Gomez at jagomez@bloomberg.net.

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