Thyssenkrupp Plans HUF 23 bln Expansion in Hungary

Manufacturing

Photo by Pavel Kapysh / Shutterstock.com

Germany's Thyssenkrupp plans a HUF 23 billion expansion at its camshaft and steering system plant in Jászfényszaru, Minister of Foreign Affairs and Trade Péter Szijjártó said on Monday, according to a report by state news wire MTI.

The investment will give Thyssenkrupp the capacity to turn out 2 million shafts for electric vehicles a year, Szijjártó said. The state is supporting the investment, which will create 110 jobs, with HUF 4.6 billion, he added.

Hungary competed against a lot of countries for the investment, he said, adding that Thyssenkrupp's choice clearly showed German companies' continued confidence in Hungary and the local investment environment.

"Ties between the Hungarian government and German companies that invest in the country are based on mutual respect," he said.

Szijjártó acknowledged the work of Marc De Bastos Eckstein, Thyssenkrupp's executive in Hungary, with a state award.

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