BorgWarner, Jabil to invest in Hungarian operations
Image by Jonathan Weiss / Shutterstock.com
U.S. automotive industry companies BorgWarner and Jabil will invest a combined HUF 12bn at their bases in Hungary, Minister of Foreign Affairs and Trade Péter Szijjártó said on Tuesday, according to a report by state news wire MTI.
The government supports the investments with grants worth a combined HUF 4.4 bln.
BorgWarner will invest a combined HUF 10.9 bln at its base in Oroszlány.
Jabil will invest more than HUF 1 bln in Tiszaújváros.
The investments will preserve 5,300 jobs and create more than 200, Szijjártó said.
BorgWarner Oroszlány managing director Attila Bogar said the government support would strengthen the company's competitiveness. He added that BorgWarner's local unit had not made any layoffs, in spite of the pandemic, but had raised headcount and plans to make more new hires in future.
Jabil Circuit Magyarország chief Tibor Czakó said the investment supported by the government grant would preserve workplaces and contribute to further developments.
ADVERTISEMENT
MNB Monetary Council Leaves Base Rate on Hold
Hungarian Lawmakers Ratify Finland's NATO Accession
Visa Launches She’s Next Grant Program in Hungary
HIPA Awards 'Investors of the Year'
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.
