Government aids tobacco factory expansion

Conferences

The local unit of Germany’s Continental Tobacco inaugurated a HUF 1.1 billion expansion at its base in Sátoraljaújhely (257 km northeast of Budapest), with a HUF 544 million grant provided by the state, official government news portal kormany.hu reported. 

The grant provided to Continental Dohányipari Zrt. by the government is the biggest the company has ever received, noted CEO Csaba Füzi.

Minister of Finance Mihály Varga said the grant was of a type the government awards to big companies ineligible for European Union funding. The investment will broaden the product palette to include tobacco for water pipes, as well as cigarillos. It will raise the companyʼs headcount by 20 to 420.

Being the third largest employer in Sátoraljaújhely, the role of the Hungarian-owned company is very important in the region, providing a living indirectly for some 4,000 agricultural workers, kormany.hu cited Varga as saying. 

ADVERTISEMENT

Almost half of Hungarians get fringe benefits, survey shows Analysis

Almost half of Hungarians get fringe benefits, survey shows

Operative corps for economic recovery decides on further mea... Government

Operative corps for economic recovery decides on further mea...

Healthcare Roadshow Highlights Innovation, Screening Awarene... Interview

Healthcare Roadshow Highlights Innovation, Screening Awarene...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 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.