Alumetal to build €32 mln plant in Hungary
Polish aluminum casting alloys manufacturer Alumetal plans to build a €32.5 mln plant in Hungary, Alumetal CEO Szymon Adamczyk announced yesterday.
Adamczyk said that he expects the first production line at the new plant in Hungary to begin operating in the first half of 2016 and the second production line to begin operating in 2018 Q1.
The CEO added that Alumetal plans to pay for construction of the plant using the company's own resources, though also hopes to receive financing from the European Union and the government of Hungary.
The primary buyers of the company's products are vehicle-industry companies such as Volkswagen, Nemak and Federal-Mogul.
Alumetal, which currently operates three plants in Poland, had net profit of €8.6 mln on revenue of € 243 mln in 2013. The CEO said that the company plans to increase production capacity to 210,000 tons annually from 165,000 tons this year. Alumetal is owned by Luxembourg-based private-equity fund Abris CEE Mid-Market Fund.
-- Christian Keszthelyi contributed to the article
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