Hungaryʼs government will support the investment with a grant of HUF 3.05 bln, Minister of Foreign Affairs and Trade Péter Szijjártó said on Wednesday, cited by national news agency MTI.  The unit will become WKWʼs Eastern European production hub as a result of the investment, Szijjártó added.

Managing Director Zsolt Bene said headcount at the company is expected to rise by at least 190 by 2023, up from 162 in 2017. As a result of the investment, revenues are expected to grow to HUF 13-15 bln by 2021, and to HUF 18-20 bln by 2023.

The company sells its products to car makers such as Jaguar Land Rover, Audi, Volvo and BMW. Once the investment is completed, the Daimler group is expected to be one of its biggest customers.

Erbslöh Hungária had revenues of HUF 5.9 bln in 2017 and projects similar turnover in 2018.