Metalworking company VT Metal has inaugurated a new HUF 777 million KTL (catophoretic) painting and surface treatment plant, Hungarian news agency MTI reported today.
The company received a HUF 272 mln grant from the National Economy Ministry as part of the government’s support program for big companies that are not eligible for European Union funding.
State secretary of the National Economy Ministry István Lepsenyi said companies were allocated funding of HUF 3 billion in 2015 and HUF 15 bln this year as part of the program. He noted that a similar amount will be available next year.
Head of the galvanizing division Imre Király said the KTL line, which covers two-thirds of the area of the 520 sqm new production hall, is an important milestone for the company as it allows it to fully meet potential and existing customer expectations.
VT Metal, a unit of the Videoton Holding, the biggest industrial group owned by Hungarian private investors, employs 300 people. It had revenue of HUF 5 bln in 2015.