ADVERTISEMENT

Enmech Hungary invests HUF 6.4 bln in capacity expansion

Pharma

Photo: Márton Kovács /KKM

Automotive parts manufacturer Enmech Hungary is investing HUF 6.4 billion in expanding production capacity at its base in Pécel on the outskirts of Budapest, Minister of Foreign Affairs and Trade Péter Szijjártó said on Friday, state news agency MTI reported.

Szijjártó speaks at the press conference (photo: Márton Kovács / KKM)

The government is providing a HUF 641 million grant for the project, the minister added.

Enmech is a subsidiary of German company Mektec Europe, which is in turn a subsidiary of Japan-based Nippon Mektron.

Mektec Europe CEO Wolfgang Bochtler said production at the new plant could start in October. The plant will produce parts for car batteries and sensors for self-driving cars. Staff at the Hungarian plant will also take part in development projects.

According to public records, Enmech Hungary had more than HUF 214 mln after-tax profit on sales revenues in excess of HUF 12 bln in 2017.

“Thanks to soon-to-begin and planned development projects, the annual production value of the Hungarian automotive industry could soon reach HUF 10 trillion,” Szijjártó was cited as saying at the press conference in Budapest to announce the Enmech investment.  “The expansion of Enmech’s plant is also particularly important because it reinforces the positions of the Hungarian automotive industry on the self-driven vehicle and electromobility market.”

ADVERTISEMENT

Fiscal, monetary policy partnership needed to rein in CPI - ... Analysis

Fiscal, monetary policy partnership needed to rein in CPI - ...

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

Capital sees urban exodus during pandemic City

Capital sees urban exodus during pandemic

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.