FRIMO Hungary to develop technology with EU funding
The Hungarian subsidiary of German machine and tooling firm FRIMO is planning to invest HUF 2.1 billion in developing its production technology, the company told Hungarian news agency MTI today. The investment is supported with an EU grant of HUF 693.6 million.
The investment, which is set for completion by September 2018, will create 30 jobs at FRIMO Hungary, which makes tailor-made tools and machinery for automotive companies to manufacture plastic components, MTI reported. Currently the Hungarian subsidiary has a headcount of 195.
The developments are designed to improve energy efficiency and to develop and implement new production procedures, press officer Tamás Stéger told MTI. FRIMO Hungary had operating profit of HUF 699 mln on revenues of HUF 6.33 bln in 2015, MTI noted.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.