Joyson Safety Systems plans expansion in Miskolc

Automotive

pexels.com

Chinese-owned automotive supplier Joyson Safety Systems will invest HUF 16 billion to expand its plant in Miskolc (NE Hungary), Minister of Foreign Affairs and Trade Péter Szijjártó said on Friday. The government is supporting the investment to upgrade technology with a HUF 4.9 bln grant.

Illustration: pexels.com

“This latest investment means yet another eastern large company has decided in favor of Hungary and is bringing state-of-the-art technology to Hungary; the investment was successfully won amidst stiff international competition,” the minister was quoted as saying by official government website kormany.hu.

The safety systems the company designs and makes for vehicles at the base in Miskolc are sold to 35 big car makers around the world, Szijjártó noted, adding that about 90% of the plantʼs output is exported.

In addition to production, Joyson Safety Systems also develops and tests products in Miskolc. The EUR 68 million plant in Miskolc was built by former Japanese airbag maker Takata in 2014, creating 2,100 jobs, recalled state news agency MTI, adding that Takata went bankrupt after defective airbag inflators it made were recalled. Joyson Safety Systems was formed from the merger of Key Safety Systems and the global assets of Takata.

Szijjártó mentioned that Chinese-Hungarian trade flow broke all previous records last year, increasing by 10% to approach USD 9 bln, and exceeding USD 5 bln during the first seven months of this year.

ADVERTISEMENT

PMI rises to 57 in June Analysis

PMI rises to 57 in June

Lawmakers postpone expanded data provision for tourism secto... Parliament

Lawmakers postpone expanded data provision for tourism secto...

MNB and Budapest Institute of Banking executive director Ger... Podcasts

MNB and Budapest Institute of Banking executive director Ger...

FINA head thanks Hungary for hosting 2022 worlds City

FINA head thanks Hungary for hosting 2022 worlds

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.