Czechs say Ingersoll-Rand eyes $32 mln investment

PRAGUE, Nov 7 (Reuters) - Diversified manufacturer Ingersoll-Rand Co. Ltd. <IR.N> plans to invest 700 million crowns ($31.96 million) to build a new plant in the Czech Republic, the state-run agency CzechInvest said on Tuesday.

CzechInvest said in a statement the U.S. company would employ up to 300 workers at the factory, its second in the town of Dobris, about 35 km south of the capital Prague.

Ingersoll-Rand has manufactured Bobcat excavators and loaders in Dobris since taking over a local company in 2001.

It wanted to launch production at the second plant in May 2007 to get closer to European markets, said CzechInvest.

Scores of foreign investors in the car-making, electronics and other industries have set up manufacturing plants in the Czech Republic to supply European markets, taking advantage of relatively low production costs in the former Communist country.

Ingersoll, with third-quarter global revenue totalling $2.77 billion, operates several manufacturing factories across the Czech Republic, with annual output of some $280 million. ((Reporting by Marek Petrus, editing by Quentin Bryar; Reuters Messaging: rm://marek.petrus.reuters.com@reuters.net; e-mail: prague.newsroom@reuters.com or marek.petrus@reuters.com; Tel: +420 224 190 477)) ($1=21.90 Czech Crown)

Keywords: MANUFACTURING CZECH INGERSOLL