Fireplace maker launches HUF 3.6 bln expansion

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Wamsler, Central Europeʼs biggest maker of fireplaces and stoves, laid the cornerstone of a HUF 3.6 billion expansion at its base in Salgótarján (northern Hungary) on Tuesday. The government is supporting the investment with a HUF 1.8 bln grant, Minister for National Economy Mihály Varga said at the ceremony.

The construction of a 5,400 square-meter production hall and the installation of automated equipment will raise capacity at the base by about 50% to 150,000-160,000 units a year, said CEO Ferenc Finta.       

Wamsler owner Opus Global is covering a little more than HUF 1 bln of the cost and bank credit is financing the rest.

Opus Global owner Lőrinc Mészáros said Wamsler is expected to generate annual profit of HUF 700-800 million in one or two years.    Wamsler controls 7-8% of the European market for fireplaces and stoves, according to state news wire MTI.

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