The Tungsram Group is set to sign a strategic partnership agreement with the Hungarian government next Monday at a ceremony attended by Minister of Foreign Affairs and Trade Péter Szijjártó and Tungsram boss Jörg Bauer, the company told the Budapest Business Journal.
In February 2018, GE Lighting announced it was selling its European, Middle Eastern, African, and Turkish branches, as well as its global automotive lighting branch, to the firm led by Bauer, who had previously served in GEʼs upper management.
In April 2018, Tungsram acquired the companyʼs Hungarian units. By last November, 23 subsidiary companies in 22 countries had joined the Hungarian center, leading to the creation of what the company calls a "Hungarian multinational enterprise."
Tungsram says that the strategic partnership agreement reflects well on its commitment to innovation, both domestically and on the international stage. The group also notes that it considers the partnership a key to competitiveness.