UPDATE - Continental Teves Magyarország lays cornerstone of HUF 3.8bn expansion
Automotive industry supplier Continental Teves Magyarország on Thursday laid the cornerstone of a HUF 3.8bn expansion at its plant in Veszprém (W Hungary).
The company won an HUF 889m European Union grant to support the extension.
The company will expand its base by almost 3,000sqm, installing twelve new production lines, said managing director Kai-Uwe Walther. Continental Teves Magyarország will make 220 new hires to work the lines, he added.
The expansion is expected to be inaugurated in one year.
Continental Teves Magyarország had revenue of more than HUF 60bn in 2010.
German-owned Continental employs more than 6,000 people at six units in Hungary, including 1,170 at Continental Teves Magyarország.
Continental has an R&D centre in Veszprém where 260 engineers are working on electronic brake systems. A further 58 development engineers will be hired at the centre in the next three years as a new project is launched.
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.