October 14, 2019 / 9:52 AM / 2 months ago

EU to investigate Hungarian state aid for Samsung SDI's battery cell plant

FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea January 7, 2019. REUTERS/Kim Hong-Ji

BRUSSELS (Reuters) - EU antitrust regulators on Monday voiced doubts whether Budapest’s plan to grant 108 million euros ($119.2 million) to Samsung SDI’s battery cell production facility in Hungary complies with the bloc’s state aid rules.

The European Commission opened an investigation, saying that it has doubts whether the aid has an incentive effect and whether it will boost regional development. It also expressed concerns that the measure may lure jobs from other EU countries to Hungary.

Samsung SDI is investing around 1.2 billion euros to expand the factory to supply electric cars.

Reporting by Foo Yun Chee; editing by Jan Strupczewski

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below