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State aids Bosch with HUF 19 bln plant expansion

German-owned automotive industry supplier Bosch group will spend HUF 19 billion on expansion at its Hungarian plant in Hatvan, eastern Hungary, with roughly a quarter of the investment coming from state coffers, Foreign Minister Péter Szijjártó said today at a press conference.

Bosch Hungary CEO Javier González Pareja speaks at todayʼs press conference. (Photo: MTI/Tamás Kovács)

Speaking at a press conference today, the foreign minister said the project, which is expected to create 601 new jobs, will be supported with a HUF 4.7 billion non-refundable state grant, Hungarian news agency MTI reported.

Through the investment Bosch will be able to launch the production of high-tech products such as central control units for new generation electric and hybrid cars, new types of mid- and long-range radars and different varieties of sensors, the minister added, according to MTI.