Hungarian gov’t, Alpine sign agreement

Pharma

The Hungarian government and Japanese car audio and navigation system manufacturer Alpine signed a “strategic agreement” today in Budapest, Hungarian news agency MTI reported. The agreement was signed by state secretary of the Ministry of Foreign Affairs and Trade Levente Magyar and Alpineʼs chairman for Europe Toshinori Kobayashi.

The current investment of $39 mln is expected to double the plant’s capacity by the end of this year, and create 500 jobs, Hungary’s foreign minister Péter Szijjártó said earlier. At the ceremony Kobayashi said that he did not choose Hungary to invest in “by accident” 17 years ago.

The company has a headcount of approximately 900 people in Biatorbágy, in the outskirts of the capital; it is the company’s only production base in Europe.

Alpineʼs Hungarian unit had revenue of more than €200 mln last year, MTI noted.

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