Toyo Ink Inaugurates HUF 7 bln EV Battery Parts Plant in Hungary


Tamás Menczer at the plant's inauguration ceremony.

Photo by Tibor Illyés / MTI

Japan's Toyo Ink inaugurated a HUF 7 billion battery parts plant in Újhartyán, on the outskirts of the capital, on Tuesday, according to a report by state news wire MTI.

The plant will turn out conductive carbon nanotube (CNT) dispersions for lithium-ion battery cathodes developed for electric vehicles. The dispersions will be delivered to South Korean-owned SK On which supplies EV batteries to big automotive industry manufacturers such as Volkswagen Group.

The state awarded Toyo Ink HUF 700 million for the investment which has created 45 jobs, Ministry of Foreign Affairs and Trade state secretary Tamás Menczer said at the ceremony.

Katsumi Kitagawa, chairman of Toyo Ink SC Holdings, said the group has made investments to strengthen its capacity to produce advanced battery materials with the aim of turning the activity into a core business that can generate JPY 20 bln a year.

Yoshiharu Ono, Toyo Ink Magyarország managing director, said the plant not only brings the company's operations closer to SK On but is expected to expand its business activities in the European region, "thanks in part to Hungary's business environment, its high-quality human resources, and its future growth potential based on the Hungarian government's economic policies".


Voluntary Pension Fund Contributions Climb 20% in Q1-Q3 Figures

Voluntary Pension Fund Contributions Climb 20% in Q1-Q3

MPs Approve Tax Changes Parliament

MPs Approve Tax Changes

Higher Sugar Prices Raising Holiday Candy Costs Retail

Higher Sugar Prices Raising Holiday Candy Costs

Hungarian Tourism in Croatia Returning to Pre-pandemic Level... Tourism

Hungarian Tourism in Croatia Returning to Pre-pandemic Level...


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.