German fan manufacturer to invest €4.5 mln at Hungary unit

Telco

Papst Hungary, a unit of German fan manufacturer EBM-Papst is to increase capacity through investment of €4.5 mln in Vecsés, near the capital. The development, due to be completed by the end of October, will involve construction of a new production hall and warehouse and will create 300 new jobs, financial director Gabriella Sári told MTI. 

The company plans to build another 5,000 sqms of production area in a second phase, in 2017. By the end of the process, headcount is expected to double from the current 600. Through its parent company, Papst Hungary is a supplier to major carmakers including Daimler-Benz.

In addition to the automotive industry, its products are also used in household appliances and telecommunication. Papst Hungary projects a 30% revenue increase in the 2016-2017 business year and a combined 60% turnover increase by the end of the process as a result of the development. The company had revenue of more than HUF 3 bln in the business year ended in March 2014.

ADVERTISEMENT

Latvia Producer Prices Fall Further on Year in January Figures

Latvia Producer Prices Fall Further on Year in January

Fidesz-KDNP Nominates Constitutional Court Head for Presiden... Government

Fidesz-KDNP Nominates Constitutional Court Head for Presiden...

Festipay Supplies Bahrain GP With Cashless Payment Solution Innovation

Festipay Supplies Bahrain GP With Cashless Payment Solution

Hungarians Prioritizing Travel Over Renovations This Year Tourism

Hungarians Prioritizing Travel Over Renovations This Year

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
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.