The Austrian Miba decided to close its older production unit in Sheffield in 2006. In order to strengthen the company’s position in Central and Eastern Europe, the production of components for machinery and automotive industry will be located in Slovakia with a new investment of about €15 million. Miba Friction Group actually invested around Eur 20 million in the subsidiary till May 2006. According to Miba Corporation Board president Peter Mitterbauer, the new production unit in Slovakia will reach its full capacity by the end of 2006 when 150 employees would work there. Company management assumes that the annual turnover in the Slovak subsidiary would amount around Eur 15-17 million in 2007.