German semiconductor maker Infineon Technologies is investing HUF 32 billion at its plant in Cegléd, creating 275 jobs, in an investment for which the government is awarding a HUF 6.4 bln grant, Minister of Foreign Affairs and Trade Péter Szijjártó said on Friday.
The minister said the plant will manufacture semiconductors for inverters in electric and hybrid vehicles, state news wire MTI reported.
Infineon Technologies Vice President Jörg Spiegel said the company is expanding its facility in Cegléd, central Hungary, where it employs 1,300 workers, as it expects the electromobility sector to significantly expand in the next five years.
According to public records, Infineon Technologies in Cegléd had HUF 13.07 bln net revenue in its last financial year. After-tax profit was down at HUF 287 million, from HUF 427 mln a year before.