Kometa 99 Lays Cornerstone for HUF 31 bln Investment

Food

Photo courtesy of the official Facebook page of Kometa

Italian-owned Hungarian meat processor Kometa 99 laid the cornerstone of a HUF 31 billion investment that will boost exports of its plant in Kaposvár (185 km southwest of Budapest), according to napi.hu. 

Minister of Foreign Affairs and Trade Péter Szijjártó said the expansion would raise Kometa's revenue share from exports from 44% to 56% initially, then to two-thirds. He added that the government is supporting the investment, which will preserve 733 jobs and create 280, with a HUF 11 bln grant. 

Kometa said it has obtained a permit for the first phase of the expansion and is selecting a general contractor. It will acquire machinery, build a new refrigerated warehouse and slicing facility, and expand its packaging and warehouse capacity. 

By 2025, Kometa aims to boost output by 35% over the 71,0 00 tonnes of product last year while starting a "dynamic expansion abroad," managing director Giacomo Pedranzini said. Last year, Kometa had a turnover of more than HUF 58 bln. It employs over 800 people. Kometa's products are exported to around 40 countries. Its biggest markets are Croatia, Germany, Italy and Slovenia. 

Pedranzini is one of three business leaders shortlisted for the annual BBJ Expat CEO of the Year Award 2022. The other two are John Ford, managing director of GoTo in Hungary, and Frank Iepema, CEO of Hydro Extrusion Hungary Kft. The winner will be announced at a gala event next Friday evening.

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