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Falco plans HUF 8.2 bln investment

Manufacturing

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Austrian-owned wood-based panel manufacturer Falco is investing HUF 8.2 billion at its operations in Hungary, Minister of Foreign Affairs and Trade Péter Szijjártó said on Monday, according to a report by state news wire MTI.

The government is supporting the investment, which will preserve more than 300 jobs, with a HUF 1.2 billion grant, Szijjártó said.

Falco managing director Tibor Novák said the wood panel-making industry is a capital intensive one, and companies need to invest if they want to keep up with the competition.

Since 2007, Falco has undertaken HUF 49 bln of investments supported by several billion forints of government support, he added.

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