May 14, 2007
European Union Commission endorses grant for Hyundai plant in the Czech Republic
Brussels, Belgium – The European Union (EU) Commission has endorsed a grant of 111 million Euros to Hyundai Motor Manufacturing Czech for a new car manufacturing plant in the Czech Republic.
Under the EU Treaty state aid rules, the Commission has authorized the aid, which consists of a direct cash grant and a transfer of land at a reduced price. The aid is combined with other regional aid measures to Hyundai, which were granted under already-approved aid schemes. The total regional aid package to Hyundai amounts to 194.49 million Euros.
“I am very glad to endorse aid for this important project, which will contribute to regional development and job creation in the Czech Republic,” says Neelie Kroes, Competition Commissioner.
Hyundai plans to construct the plant in No