April 18, 2018 / 3:42 PM / 4 months ago

Lonstroff to invest 43 mln euros to build Slovenian factory

LJUBLJANA, April 18 (Reuters) - Swiss polymer maker Lonstroff AG plans to invest around 43 million euros ($53 million) to build a factory in Slovenia that will create 180 jobs by mid-2020, the Slovenian government said on Wednesday.

The government will also provide 4.8 million euros in total financial aid for the factory, which will start production next year, the economy ministry said.

Lonstroff, owned by Japan’s Sumitomo Rubber Industries , will start building the medical elastomere factory in Logatec, 30 kilometres (19 miles) southeast of Ljubljana, next month, the economy ministry said. Lonstroff was not available to comment immediately.

Slovenia has provided financial incentives to various companies in recent years as it seeks to attract foreign investment to boost economic growth and create jobs. They included Canadian car parts maker Magna International and Japanese electrical equipment producer Yaskawa, which are both building factories in the country.

The ministry said the 4.8 million euros of aid for Lonstroff would be split into 910,000 euros made available this year and another 3.89 million a year later.

The figure includes financial help of 657,000 euros that was approved by the government last week. The rest was approved by the Ministry of Economy.

“New investments such as this one are a proof of Slovenia’s economic revival under the mandate of this government,” Prime Minister Miro Cerar said in a statement after the economy ministry signed a financial incentives contract with Lonstroff on Wednesday. ($1 = 0.8074 euros) (Reporting By Marja Novak; Editing by Susan Fenton)

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