10/02/2006 (Agence Europe) - The European Commission has authorised €53.5 million of aid in the form of a direct grant and tax relief which the Slovak Government plans to provide to GETRAG FORD Transmissions Slovakia for the creation of a new production plant for dual clutch automotive transmissions and motorcycle transmissions in Kechnec, situated in the region of Košice (Eastern Slovakia). The total cost of the investment will amount to €345 million. GETRAG FORD Transmissions Slovakia is a wholly owned subsidiary of GETRAG FORD Transmissions GmbH Germany, which is a 50/50 joint venture of GETRAG and the Ford Motor Company. The project aims to create 750 new direct jobs as well as up to 1500 additional indirect jobs. The project will lead to the establishment of a new industrial park, which should attract additional investors and thereby support the creation of new employment and economic development in the Košice region, where GDP is only 44.7% of the EU-25 average. The Commission considered the aid to be compatible with the rules on regional aid to large investment projects.