Pick Szeged CEO István Takács said the investment is a "milestone" in the company's more than 150-year history.
Minister of Foreign Affairs and Trade Péter Szijjártó said the government is supporting the investment, which will contribute to preserving 1,900 jobs, with a HUF 10.6 bln grant.
Pick Szeged will build a new plant next to its curing tower to be completed in several phases. The plant will produce its first salami in the second half of 2024.
The company can turn out an annual 10,000 tonnes of its flagship winter salami, operating at full capacity. The investment will add one-quarter to that capacity.
Pick Szeged said its experts needed almost three years to develop the technology to beech smoke its salami under modern conditions while still allowing the product's characteristic white mold to develop on the casings.
Takács said the company's net turnover reached HUF 72 bln last year, with exports accounting for 30%.
Pick Szeged, a member of vertically integrated agribusiness Bonafarm, sells its products in 35 countries.
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