Brief: Ford Otosan To Receive Project-Based State Aid For Investment On Kocaeli Factories Campus

Ford Otomotiv Sanayi AS

04/12/2020 06:44

Dec 4 (Reuters) - FORD OTOMOTIV SANAYI AS  FROTO.IS :
    * INCENTIVE APPLICATION FOR KOCAELI FACTORIES CAMPUS HAS BEEN APPROVED AND
THE
GRANTING OF PROJECT BASED STATE AID HAS BEEN ACCEPTED
    * INCENTIVE APPLICATION IS MADE BY OUR COMPANY WITHIN SCOPE OF PRELIMINARY
STUDIES
CARRIED OUT FOR PRODUCT DIVERSIFICATION AND EXPANSION INVESTMENTS FORESEEN FOR
LONG-TERM NEW GENERATION COMMERCIAL VEHICLE PROJECTS
    * APPROVED INCENTIVE FORESEES SPENDING 20.5 BILLION LIRA UNTIL MID 2026
WITHIN THE
SCOPE OF THE PROJECTS
    * APPROVED INCENTIVE FORESEES EMPLOYING ADDITIONAL 3,000 PEOPLE, INCREASING
PRODUCTION CAPACITY FROM 440,000 TO 650,000 UNITS, ESTABLISHING 130,000-UNIT
BATTERY ASSEMBLY FACILITY
    * INCENTIVES INCLUDE VAT EXEMPTION AND REFUND, CUSTOMS DUTY EXEMPTION,
CORPORATE
TAX REDUCTION, SOCIAL SECURITY PREMIUM EMPLOYER'S SHARE SUPPORT, INCOME TAX
WITHHOLDING SUPPORT (10 YEARS), QUALIFIED PERSONNEL SUPPORT (MAXIMUM 250 MILLION
LIRA), ENERGY SUPPORT, INVESTMENT LOCATION ALLOCATION

Source text for Eikon:  ID:nIKA983yJL 
Further company coverage:  FROTO.IS 

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