Tungsram to sign strategic agreement with govʼt
The Tungsram Group is set to sign a strategic partnership agreement with the Hungarian government next Monday at a ceremony attended by Minister of Foreign Affairs and Trade Péter Szijjártó and Tungsram boss Jörg Bauer, the company told the Budapest Business Journal.
In February 2018, GE Lighting announced it was selling its European, Middle Eastern, African, and Turkish branches, as well as its global automotive lighting branch, to the firm led by Bauer, who had previously served in GEʼs upper management.
In April 2018, Tungsram acquired the companyʼs Hungarian units. By last November, 23 subsidiary companies in 22 countries had joined the Hungarian center, leading to the creation of what the company calls a "Hungarian multinational enterprise."
Tungsram says that the strategic partnership agreement reflects well on its commitment to innovation, both domestically and on the international stage. The group also notes that it considers the partnership a key to competitiveness.
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.