Hungarian flooring manufacturer Graboplast today inaugurated a plant that will produce premium products at its base in Tatabánya, northwestern Hungary, Hungarian news agency MTI reported.
Graboplast was awarded HUF 3 billion in state support for the plant, with a commitment to create 120 jobs, Prime Minister Viktor Orbán said at the inauguration ceremony.
Tibor Veres, who heads Graboplastʼs parent company Wallis, said HUF 21 bln was invested in the company in the past 16 years. Graboplast ploughs back 3.5% of its revenue into R&D each year, he added.
Graboplast had revenue of HUF 18 bln last year, said chairman-CEO Péter Jancsó.
The market for the new plantʼs product, Luxury Vinyl Tile (LVT), is growing globally at a rate of over 10% per year.
Graboplast launched a HUF 1 bln investment program at its plant in Kecskémet, central Hungary, last November.
The company employs more than 600 people at its bases in Tatabánya, Kecskémet and Győr.