Coloplast of Denmark to announce Hungarian investment next week
Coloplast A/S, Europe's largest maker of colostomy products, will announce an investment to expand its production base in Hungary next week.
John Raabo Nielsen, a vice president at Humlabaek, Denmark- based Coloplast, and Hungarian Economy Minister János Kóka will announce details of the investment during a press conference in Budapest October 30, according to an invitation to the event. Coloplast is expanding production and moving it to countries where costs per unit are lower than in Denmark. The company is facing price pressures in Germany and the UK because of government health-care regulation changes. The company earlier this month said it will close a UK plant, acquired in a takeover of Mentor Corp.'s urology unit. Coloplast last year said it would keep initial production in Denmark and move manufacturing to existing facilities in Hungary or China as sales volumes dictate. (Bloomberg)
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