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Continental Automotive winds up HUF 1.2 bln investment

Telco

German automotive industry supplier Continental has expanded its base in Veszprém, northwest Hungary, with an investment of HUF 1.2 bln, Continental Automotive Hungary announced today.

The expansion was supported by HUF 321 mln in EU funding, in the framework of the New Széchenyi Plan – funding the unit won in a tender for the project.

The bulk of the investment was spent to buy instruments to produce wheel and engine censors. The Veszprém plant is "engaged in the development and manufacturing of components to be integrated into electronic brake system", according to the company's web site.

Continental has carried out its second large investment in the unit this year, following the launch of 12 new production lines in a HUF 2.8 bln project completed in February with a HUF 512 mln grant.

The company made 152 new hires in February, and added another 50 now.

Continental Automotive Hungary invested around HUF 15 bln at its bases in Veszprém and Budapest in 2009-2014. Continental employs more than 6,000 people in Hungary.

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