The company expects to wind up the investment by June. The project is being supported with a European Union grant of HUF 260 mln, which will cover the costs of switching from natural gas to renewable energy through the use of solar panels and biomass fuel.
Project Manager Viktor Horváth told MTI that as a result of the expansion, the company expects to increase revenue by HUF 1 bln and raise headcount from 22 to 37, while also increasing their share of export revenue.
Sipospack, which makes packaging for Hungarian food companies, had revenue of HUF 2.4 bln in 2013, including export revenue of HUF 162 mln, MTI noted, adding that it had after-tax profit of HUF 193 mln.
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