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State to Sell Land to Volkswagen to Enable Creation of 400 New Jobs
Friday 17 December 2010 Zoom in | Print page
Bratislava, December 17 (TASR) - The Slovak Land Fund (SPF) is to sell 6.39 hectares of arable land currently owned by Slovakia to Volkswagen Slovakia for €1.06 million, said Agriculture and Rural Development Minister Zsolt Simon (Most-Hid) on Friday.
"On the land, VW is planning to invest in expanding the production capacities of its assembly plant in Martin (Zilina region). The investment will contribute towards creating almost 400 new jobs," Simon said at a press conference.
The investment should be carried out within four years of the land transfer. "If Volkswagen doesn't meet its contract commitments, SPF will have the right to buy the land back for the price at which it sold it," said Simon, adding that a fine of €10,000 would also be applicable. The purchase agreement will be published on the internet.
The land is located near Martin close to Volkswagen's current assembly plant. "The average price of one square metre of land will reach €16.60," said Simon.
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