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Production to restart at troubled FEG Konvektorgyarto

Production will soon restart at FEG Konvektorgyarto's gas heater, water boiler and stove plant in Ocsa, near Budapest, after MPF Holding, FEG's biggest creditor, reached an agreement with the troubled company's liquidator on renting the plant, MPF Holding owner Zsolt Felcsuti told MTI on Monday.

Workers are making preparations for production to restart at the plant from Monday, after a shutdown that lasted for months, Mr Felcsuti said. Production is expected to restart on September 1, he added.

MPF Holding started talks on taking over the operation of the plant after launching a liquidation procedure against FEG to reclaim about HUF 2 billion in unpaid loans.

FEG has annual turnover of HUF 6 billion-7 billion.

MPF Holding makes grinding tools, wrought iron fixtures and furniture. It has six plants in Hungary.