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Kovács Vegyesipari launches HUF 600 mln capacity expansion

Hungarian-owned automotive industry supplier Kovács Vegyesipari launched a more than HUF 600 million investment on Friday that will add farm machinery and parts to its product palette, Hungarian news agency MTI reported.

A state grant for large companies that are not eligible for European Union funding is covering half of the cost of the investment, said Minister for National Economy Mihály Varga.

Kovács Vegyesipari had net profit of HUF 1.3 billion on revenue of HUF 10.6 bln in 2015. The company employs more than 400 people.