The Czech government has awarded investment incentives to the Eastern Bohemian-based Orsil company, a producer of fibreglass insulation, for the construction of a new plant worth US$ 21.3 million.
T…
The Czech government has awarded investment incentives to the Eastern Bohemian-based Orsil company, a producer of fibreglass insulation, for the construction of a new plant worth US$ 21.3 million. The plant should be completed by December 2001, and is expected to create 63 new jobs in a region of high unemployment. The new facility is expected to increase Orsil“s turnover to Kcs 900 million over the next five years. Orsil, owned by the French company Saint-Gobain, saw its sales revenues increase 14% in 1998, to a total of Kcs 600 million. Net profit was up from Kcs 31 million to last year“s Kcs 75 million. Orsil is the second company to benefit from such incentives. Recently, the government offered similar benefits to the wool producer Schoeller Litinov.