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May 30, 2023 17:17 EEST
May 30 (SeeNews) - Canada-based automotive manufacturer Magna will repay to the Slovenian government 22.1 million euro ($23.7 million) in financial incentives for the operation of a paint factory in the municipality of Hoce-Slivnica, economy minister Matjaz Han said on Tuesday.
"We have reached a mutual agreement with Magna concern on the repayment of the entire allocated financial incentive in the amount of 18.5 million euro and interest in the amount of 3.6 million euro," Han said, as quoted in a government statement.
Magna fulfilled certain investment objectives, but the COVID-19 pandemic, the Russian-Ukrainian war, the energy crisis and disruptions in the supply chain had a significant impact on the implementation of the project, Han said.
"Therefore, the return of the incentive was by no means self-evident. It is important that the talks with Magna took place constructively and that we reached an agreement," he added.
Magna will transfer the payment to the Slovenian budget between June 12 and June 16, the government said.
The company halted production activities at its the paint factory on March 6 and decided to relocate them to Austria's Graz. Magna opened the factory in July 2019 after investing 146.4 million euro in the project. Back in October 2017, Magna said that the project will complement production at the Magna Steyr plant in Graz, situated some 75 km from Hoce-Slivnica, which was overloaded. Production at Magna's factory in Hoce-Slivnica has been suspended on several occasions since the beginning of 2020 due to interrupted supply chains.
($ = 0.9321 euro)
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