October 18 (SeeNews) - Canada-based Magna International Inc. has laid the foundation stone for its paint factory in Slovenia's Hoce–Slivnica municipality, the economy ministry in Ljubljana said.
Prior to the start of construction works, Magna and Slovenia's economy minister, Zdravko Pocivalsek, signed contracts for implementation of the project and for awarding a 18.6 million euro ($21.9 million) government incentive to the investor, the ministry said in a statement on Tuesday.
Under the deal, Magna is obliged to create at least 1,000 jobs by October 30, 2022.
Construction works on the first phase of the project, valued at 146.4 million euro, are expected to be completed by the end of October 2019, the economy ministry noted. In the first phase, Magna will employ around 404 people.
Magna International runs some 309 manufacturing operations and 99 product development, engineering and sales centres in 29 countries. In Serbia, it operates Magna Seating, which makes seating systems for Renault, Ford and Smart.
($=0.851108 euro)