LG group companies invest less, get smaller subsidies

APA - Austria Presse Agentur
opublikowano: 17-11-2005, 07:10

Warsaw (Puls Biznesu) – Yesterday, the government changed previous rulings concerning public subsidies for six partners of LG Philips LCD. The six companies will receive lower incentives but in exchange they may reduce investment parameters. The value of each project, which jointly amount to PLN 1.5 billion (EUR 376.5m) may be reduced by 15 percent.

Warsaw (Puls Biznesu) – Yesterday, the government changed previous rulings concerning public subsidies for six partners of LG Philips LCD. The six companies will receive lower incentives but in exchange they may reduce investment parameters. The value of each project, which jointly amount to PLN 1.5 billion (EUR 376.5m) may be reduced by 15 percent. The number of jobs may be decreased by 10 percent, or 1,000 people. It won’t be that bad, however.

It’s very hard to say how many people you will employ next year. If the level of employment turns out to be smaller, the investor will have to give back the whole state subsidy. LG group companies asked to have more flexible conditions of the agreement and the government decided to approve of their pleas. I hope this cosmetic change will encourage them to sooner sign agreements, Sebastian Mikosz, the deputy CEO of the Polish investment agency PAIIZ said.

 (PLN 1 = EUR 0.251)

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Podpis: APA - Austria Presse Agentur

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