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K&P Chem to set up HUF 5 bln plant

K&P Chem announced plans on Thursday to establish a HUF 5.1 billion plant that will make base ingredients for cosmetics and household cleaning agents in Szolnok (central Hungary).

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Hungaryʼs government is supporting the investment, which will create 50 jobs, with a HUF 450 million grant, Minister of Foreign Affairs and Trade Péter Szijjártó was cited as saying by state news agency MTI.

Szijjártó said that the companyʼs high value-added products are delivered to multinationals such as Procter & Gamble, Unilever, Henkel, and Colgate-Palmolive.

K&P Chem executive George Papaioannou said test runs at the plant will start in November and full-fledged production could begin in January or February. He put the plantʼs annual capacity at 80,000-100,000 tonnes.

The plant in Szolnok is K&P Chemʼs first in Hungary. The company already operates four other facilities around the Mediterranean.