Farmers agreeable to land swap deal at proposed Ostrava site for $1.2 billion Hyundai plant

Farmers in the region of Ostrava where the South Korean carmaker Hyundai is considering investing some $ 1.2 billion for a new car plant have agreed in principle to a land exchange --and unspecified compensation from the government -- for making the move. Prime Minister Jiri Paroubek had hinted last month that the state could force the farmers to accept a deal. The stand off mirrored an obstacle that the Hyundai affiliate Kia Motor faced when in 2002 it tried to buy land for its first European factory, in neighbouring Slovakia.

Author: Brian Kenety