17 June 1999: According to a recent report, the investment incentive for the Czech Republic“s Vertex – approved by the cabinet recently – will be for building a new plant for textile processing of gl…
17 June 1999: According to a recent report, the investment incentive for the Czech Republic“s Vertex – approved by the cabinet recently – will be for building a new plant for textile processing of glass fibres in Litomysl, east Bohemia, and is expected to start operation next year. The Czech cabinet approved two investment incentives. The incentive for Vertex will be worth US$ 7 million and will create 105 new jobs. The firm will be granted a specific subsidy and an interest-free loan of US$ 7.8 million to create the new jobs and US$ 3.4 million for retraining. Vertex obtained part of the money for the project by raising its share capital by Kcs 1 billion, which was approved at the end of April, the report said. The lion“s share in the increase was from French glass giant Saint-Gobain through Vetrotex. The former holds almost 100% of Vertex“s shares. Vertex employs around 1,500 people and is one of the country“s dynamically developing companies. In the last three years, the company invested around Kcs 2.4 billion and generated revenues of Kcs 2.84 billion, up 130% from 1994. Exports last year accounted for 80% of the revenues. Net profit was Kcs 122 million. Labour productivity last year quadrupled compared with 1994.