Thyssenkrupp Tops out HUF 15 bln Expansion in Hungary

Automotive

Minister of Foreign Affairs and Trade Péter Szijjártó (right), Thyssenkrupp CEO Marc De Bastos Eckstein (left), and Fidesz MP János Pócs (center) at the topping out ceremony for the expansion of Thyssenkrupp's factory in Jászfényszaru.

Photo by Tibor Illyés/MTI

Germany's Thyssenkrupp topped out a HUF 15 billion expansion at its power steering systems plant in Jászfényszaru (52 km east of Budapest) on Thursday, according to a report by state news wire MTI.

The state is supporting the investment, that will create 110 jobs, with HUF 4.7 billion, Minister of Foreign Affairs and Trade Péter Szijjártó said at the ceremony.

He noted that steering systems produced in Hungary are used in 109 countries around the world. The country is the fifth-biggest exporter of electro-mechanical steering systems, he added.

Szijjártó said some 6,000 German-owned companies employ around 300,000 people in Hungary.

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