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TDK Hungary Components Investing HUF 3.5 bln in Energy Upgrades

Manufacturing

Minister of Foreign Affairs and Trade Péter Szijjártó speaks at the press conference announcing the investment of TDK Hungary Components Kft. at the Ministry of Foreign Affairs and Trade on Dec. 5, 2023. The Japanese-owned company is developing its Szombathely plant with the help of the Factory Rescue Program.

Photo by Zoltán Máthé / MTI

Japanese-owned TDK Hungary Components is investing HUF 3.5 billion in energy upgrades with support from the state, Minister of Foreign Affairs and Trade Péter Szijjártó said yesterday, according to origo.hu. 

TDK Hungary is installing a heat pump system and solar panels at its base in Szombathely (215 km southwest of Budapest), where it makes parts for automotive industry partners, Szijjártó said. 

The Japanese-owned firm was awarded HUF 1.5 bln in support for the project from the Factory Rescue Program, launched by the government to strengthen companies' energy independence, he added. Around HUF 150 bln in support has been awarded to 140 companies under the scheme, Szijjártó noted. 

Japanese companies make up the ninth-biggest group of foreign investors in Hungary and employ close to 40,000 people in the country, the minister said. Last year, bilateral trade between Hungary and Japan reached EUR 2.5 bln, he added.

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