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Continental Automotive wins HUF 320 mln grant for HUF 1.2 billion investment at Veszprém unit

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Continental Automotive Hungary, the Hungarian unit of German automotive industry supplier Continental, has won HUF 321 million in European Union and central budget funding for technological developments worth more than HUF 1.2 billion at its Veszprém unit, the company told MTI. The project includes equipment purchases as well as infrastructural developments. It is scheduled to be completed at the end of June 2014 and will create 50 jobs. The project is part of larger ongoing developments worth almost HUF 5 billion at the plant, to be completed by the summer 2014 and creating 260 new jobs. Some elements of the larger project has been completed, including a new production hall completed in the summer of 2012. Continental Automotive has five companies at seven locations in Hungary, employing more than 6,000 people. The Veszprém unit produces components for electronic brake systems and also has a research and development centre employing more than 300 development engineers.

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