Germanyʼs Thyssenkrupp is building a HUF 17.4 billion camshaft plant in Pécs (SW Hungary), Minister of Foreign Affairs and Trade Péter Szijjártó announced in Budapest last Friday. The city will host the firmʼs fifth location in Hungary.
The government is supporting the investment, which will create 200 jobs, with a HUF 5.57 bln grant, Szijjártó said.
“The expansion of Thyssenkrupp’s local activities confirms that Hungary can also be a bastion of manufacturing in the new automotive industry era,” official government website kormany.hu cited the minister as saying. “In addition, the latest investment projects are producing a jump in quality, not just quantity, in view of the fact that their ratio of research and development and technology has been increasing continuously from year to year,” he added.
Construction of the greenfield investment will begin this year and production could start by the middle of 2020, said Marc de Bastos Eckstein, managing director of Thyssenkruppʼs local unit.
Thyssenkrupp also has bases in the Hungarian cities of Győr, Jászfényszaru and Debrecen, as well as in the capital.
In Győr, Thyssenkrupp Automotive Systems’ chassis specialists have been manufacturing complete car chassis for Audi Hungaria since 2013, kormany.hu noted, citing state news wire MTI. In 2016, production of steering transmission units and cylinder head-integrated camshafts began in two plants in Jászfényszaru, while a coil spring and stabilizer plant has operated in Debrecen since 2018.
Publicly available company data show that Thyssenkrupp Components Technology Hungary realized over HUF 63 bln in new turnover in the business year ending last September, and posted over HUF 522 million in after-tax profit.