Magyarmet winds up HUF 592 mln investment

Telco

wikimedia commons Uddeholms AB

Magyarmet Finomöntöde has completed a HUF 592 million technology upgrade and capacity expansion at its base in Bicske, near Budapest, the casting company said, Hungarian news agency MTI reported today.

(Photo: Wikimedia Commons/Uddeholms AB)

Magyarmet won a HUF 296 mln European Union and state grant for the investment, which has created 35 jobs. Headcount at the company currently averages 215.

Magyarmet also added BMW to its business partners as a result of the technology developments.

The company had net revenue of HUF 3.5 billion last year. About HUF 2.5 bln was derived from exports.

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