Koreaʼs Hanon Systems to invest HUF 36.7 bln in expansion
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South Korean Hanon Systems, a provider of thermal and energy management solutions for the automotive sector, will invest HUF 36.7 billion to expand its operations in Hungary, Minister of Foreign Affairs and Trade Péter Szijjártó announced on Thursday.
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Hanon Systems Hungary - which has been active in Hungary since 1991 - will expand capacity at its base in Székesfehérvár (Central Transdanubia), and set up new bases in Pécs (SW Hungary) and Rétság (N Hungary), Szijjártó said.
The government is supporting the investments, which will create 516 jobs, with a HUF 7.5 bln grant, he added.
Almost 450 of the jobs will be created in Pécs, where Hanon Systems will make compressors for Volkswagen, Audi, Peugeot, Ford, BMW and other carmakers. Hanon Systems also makes compressors at its base in Székesfehérvár, while the company will make cast aluminum parts at the plant in Rétság.
Hanon Systems VP Min Sung said the company picked Hungary for the investments because of its favorable experience in the country, the excellent quality of the local labor pool, and the degree of infrastructural development. The investments will be an important milestone in the companyʼs expansion in Europe, he added.
According to Hanonʼs website, products of the Hungarian operation include compressors, air conditioning lines, thermal and emissions products, fuel and diesel delivery modules, fuel pumps and regulators for vehicle manufacturers.
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