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Swiss Krono Group to build €95 mln particle board plant in Hungary

The Swiss Krono Group is set to begin construction this spring on a €95 mln particle board plant in Vásárosnamény, in northeastern Hungary, with the aim of turning out oriented strand board (OSB) from the following spring, board member Max von Tippelskirch said yesterday.

The investment is expected to create more than 100 jobs at the plant.

The company thanked the Hungarian authorities for expediting the process related to the investment and acknowledged the support of the government. State secretary Levente Magyar said that once an official decision is made on the size of the subsidy, the company would be awarded that amount.

Tippelskirch said the Swiss Krono Group made one of its first investments outside of Switzerland in Vásárosnamény in 1989, but closed the base in 2011 due to economic conditions. Since then, conditions have improved, he added.