The Romanian Finance Minister has announced today that around EUR 10.58 million will be disbursed through a state aid scheme for Continental and Pirelli.
The project developed by Cord Romania, a company jointly owned by Pirelli and Continental, will involve building a new production hall In Slatina, Olt County, for extending the tire manufacturing business. The investment totals EUR 27.23 and the Romanian state will contribute with EUR 6.18. This investment will create 200 jobs, adding to the existing 373.
The second project, developed by ContiTech Fluid Automotive, a division of Continental, involves building an industrial hall and a production line for air and water hoses for the auto industry in Carei, Satu Mare County. This investment worth EUR 15.14 will expand the current manufacturing facilities. 300 new jobs will be added to the 847 existing ones. Romania will put EUR 4.4 million in state aid for this project.
These two new agreements add to the other 22 that have been signed between 2008 and 2011, with EUR 329 million allocated in total for the aid scheme.
Up to now, a state aid of EUR 110.18 million has been disbursed for finalized projects of Renault Mecanique Romania, Aaylex and Automobile Dacia.