6 December 2004 – LAWFUEL – First with law news – Allen & Overy Bratislava, s.r.o. is advising new client GETRAG-FORD TRANSMISSIONS GMBH, a joint venture between Ford Europe and German transmissions specialist GETRAG, on its landmark €345 million investment in Slovakia.
The investment will establish a new manufacturing and assembly production site for newly developed Powershift™ transmissions and motorcycle transmissions in Kechnec, in the east of Slovakia.
This investment will further consolidate Slovakia’s position as Central & Eastern Europe’s leading automotive centre, and is the biggest foreign direct investment in Slovakia since EU accession. It is also the largest greenfield investment into the eastern part of Slovakia (a so far less-developed area of Slovakia which it is hoped will benefit greatly from the project).
Bratislava-based partner Hugh Owen is leading the Allen & Overy team, assisted by lawyers Martin Magal and Andrej Glezl. Brussels-based partner David Harrison and associate David Gabathuler are advising on state aid aspects.
Commenting, Hugh Owen said: “This is the latest and largest of a number of investments that we have advised on in the automotive sector in Slovakia. This project was, however, particularly interesting and challenging because it involves an investment incentives package that will require approval under EU state aid rules, which have become applicable in Slovakia following its accession to the EU on 1st May this year. Each project of this kind is complex, involving advising on investment incentives and state aid, real estate, environmental and construction issues – often required in a short timeframe. We believe that we have developed a leading practice in this area.”
For further information, please contact Jo Shepherd ([email protected]) in London on +44 (0)20 7330 2195 or on +44 (0)7771 896 290.