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ContiTech inaugurates HUF 6 bln investment in Hungary

Pharma

German-owned automotive components manufacturer ContiTech Magyarország  inaugurated a HUF 6 billion development at its unit in Nyíregyháza  (northeast Hungary) on Tuesday.  The government supported the investment with a grant of more than HUF 2 bln, state news wire MTI reported.   

The ceremony was attended by Levente Magyar, state secretary at the Ministry of Foreign Affairs and Trade. The investment included the construction of a new warehouse complex.  

The developments have created more than 200 jobs so the unit now employs almost 500, Managing Director László Jókay noted.   

The Continental group operates six factories and a tire logistics and trade base in Hungary, employing about 8,000 workers including leased employees. It has production, software development and trade activities in Budapest, Veszprém, Szeged, Makó, Vác, Nyíregyháza   and Budaörs.

ContiTech Magyarország had after-tax profit of HUF 3.2 bln on revenues of HUF 17.9 bln in 2016, MTI noted.

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