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Pegas Nonwovens receives investment incentives from govt
Jan '09
PEGAS NONWOVENS SA announces that PEGAS - NS a.s., an operating subsidiary of the PEGAS group, received a decision concerning a commitment of investment incentives for the new production line project from the Ministry of Industry and Trade of the Czech Republic.

In the decision dated January 12, 2009, the Ministry of Industry and Trade grants PEGAS - NS a.s. approval of the following investment incentives:

•corporate income tax relief for a period of 10 years; and
•financial support for job creation in the Znojmo Region in the amount of CZK 200 thousand for every new work position created.

The total amount of incentives may not exceed 30% of the total invested amount. Simultaneously, the total amount of the public grant may not be higher than CZK 403.5 million and commercial production must be launched within 3 years of the delivery date of the decision about the commitment of the investment incentives.

Total investment costs of the ninth production line project will not exceed EUR 50 million and the execution of the project will depend on the development of conditions in the nonwovens market.

Pegas Nonwovens

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