The French Valeo S.A., one of the largest automotive industry suppliers, will be moving the production of another product line to Hungary form January 2006, daily Népszabadság reported. The new Hungarian plant will be taking over production from a German factory, Gábor Németh, CEO of Valeo Auto-Electric Hungary told Napi Gazdaság. Valeo Hungary produces switches for cars and is a supplier to major car manufacturing companies including Fiat, Volkswagen, and DaimlerChriysler. In addition to the new production line, the parent company will be investing in a new development center in Veszprém, Németh said. Valeo has invested over €40 million in Hungary so far. Valeo Hungary is expecting sales revenue over Ft 20 billion for 2005 and 2006 as well.
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