The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture For Transport Equipment Manufacture Of Motor Vehicles, Trailers And Semi-Trailers 29.1 - Manufacture of motor vehicles
3,500 jobs Number of planned job creations
Announcement Date
8 November 2005
Employment effect (start)
1 January 2009
Foreseen end date
1 January 2010
Description
In November 2005 South Korean car company Hyundai Motor announced its intention to invest 30 billion CZK (1 billion Euro) and to build a new plant in Nošovice, industrial area of the city Frýdek-Místek (North Moravia), with the production capacity of 300 thousand cars a year by 2009. On 27 March 2006 detailed negotiations over the past few months were successfully concluded. The final deal for the 1-billion-euro car factory in the Czech Republic, one of the biggest foreign direct investments in the EU newcomer's history, was signed on 18 May 2006. The company, whose chairman has been indicted on charges of corruption, repeated it had not decided when to begin construction of the plant yet. But Czech officials said Hyundai confirmed it intended to launch production by early 2009 at the latest and employ 3,500 workers by 2010. Approximately 10,000 indirect jobs will be created in linking activities. The biggest investment in the modern history of the Czech Republic should reduce the unemployment rate in the Moravia-Silesia region by 2.5 percent. The overall economic benefit of the new car production is expected to be 2.5% of GDP.
Sources
8 November 2005: Hospodárske noviny
28 March 2006: Hospodárske noviny
19 May 2006: MF Dnes
Citation
Eurofound (2005), Hyundai Motor, Business expansion in Czechia, factsheet number 62546, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62546.
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