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Toolex invests HUF 1 bln at local plant

Industrial

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Hungarian-owned tool maker Toolex has spent almost HUF 1 bln to increase production capacity at its plant in Nagyszénás, plant manager Péter Tóth told Hungarian news agency MTI yesterday.

The investment of the company that makes drill bits was supported with a HUF 499.5 mln European Union grant. 

The company has expanded its production building by 3,000 sqm and purchased new equipment as part of the investment.

Toolex employs 175 people and posted revenues of HUF 3.6 bln in 2015. It exports 80% of its output, mainly to Germany.

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