The company aims to become a leading supplier of the European automotive industry, Laczkó said, adding that it won a HUF 850 million European Union grant for the project.
The new plant is scheduled for completion in the summer of 2019. It will add 25 jobs to Tom-Ferrʼs existing headcount of 190.
Tom-Ferr holds nearly one-third of the Hungarian pipe products market, Laczkó said. The company supplies 70% of the pipes built into cars made at the Suzuki plant in nearby Esztergom, and its other clients include Kirchhoff Hungária, Magyar Toyo Seat, Toyo Seat Europe, Rába, and Gedia Hungary.
The company sells more than 28,000 tonnes of pipes in Hungary and abroad annually. It had sales revenue of HUF 6 bln in 2017.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
