German fan manufacturer to invest €4.5 mln at Hungary unit
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.
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