Continental investing HUF 25.6 bln at plants in Hungary
Photo by Lens Hitam / Shutterstock.com
German automotive industry supplier Continental will spend HUF 25.6 billion to install production lines for next-generation vehicle electronics at its bases in Budapest and Veszprém, Minister of Foreign Affairs and Trade Péter Szijjártó said on Wednesday, according to a report by state news wire MTI.
Photo by Lens Hitam/Shutterstock.com
The government is supporting the investment, which will preserve 4,127 jobs, with a HUF 7.7 bln grant, Szijjártó said.
Continental Automotive Hungary managing director Róbert Keszte noted that the group has been a strategic partner of the Hungarian government since 2013, and that partnership continues during the coronavirus crisis, too.
Continental has seven plants, a logistics base, and a development center in Hungary.
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.