Slovakia is HOT- Getrag Ford Transmissions to Build New Plant

BRATISLAVA, Slovakia The AP reported that Getrag Ford Transmissions, a joint venture between U.S. automaker Ford Motor Co. and Germany's Getrag Group, announced Thursday a decision to build a euro300 million (US$399 million) auto parts plant in eastern Slovakia.

The company said it plans to build a production facility for new-technology transmissions. Production is tentatively set to start in early 2007, according to a news release.

The new plant should employ about 750 people.

According to the statement, Slovakia's Ministry of Economy and Getrag Ford Transmissions signed a memorandum of understanding in which the company expressed its intention to establish a new production facility in Slovakia.

``Slovakia is an excellent potential location for our planned investments,'' Tobias Hagenmeyer, CEO at Getrag Ford Transmissions said in the statement. ``We very much hope that we will be able to develop our plans successfully with the Slovakian government and reach a final agreement shortly.''

Economics Minister Pavol Rusko welcomed the company's decision to invest here, calling it ``a great, strategic investment in eastern Slovakia.''