STATE AID WORTH 155 MILLION BELGIAN FRANCS APPROVED FOR HERSTAL

European Report | June 6, 1998 | Copyright

The European Commission has decided not to raise any objections to an aid injection worth 155 million Belgian Francs (ECU 3.8 million) by Belgium's Walloon regional authorities into arms and ammunition manufacturer Herstal. Announcing clearance for the package on June 3, the Commission explained that the subsidies are destined to ease 48 redundancies among the workforce engaged in production of civilian firearms, under a restructuring plan designed to restore the group to financial viability by the year 2000. A total of 89 jobs will be lost in the civilian and military ...

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