The company will receive a HUF 1.2 bln grant from the Hungarian government for the project.
Aluminium wheel hub production at the plant in Tatabánya could reach two million pieces by the end of the year, up from one million pieces in 2014, Szijjártó said.
The plant currently employs 380 workers and the investment could create 180 new jobs.
The Hungarian unit of Otto Fuchs supplies wheel hubs to Audi, BMW and Mercedes.
Richard Hussmanns, the CFO of Otto Fuchs KG said that with the doubling of production capacity they are expecting annual revenue to climb to €70 million at the Hungarian unit.
According to public records revenue at the unit increased to €43.8 mln in 2014 from €34.78 mln in 2013. Net income grew from €472,000 to €5.17 mln during the same period.
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