Gyermelyi Invests HUF 3 bln in Silos

Crops

Photo by MTI/Boglárka Bodnár

Hungarian pasta maker Gyermelyi inaugurated a HUF 3 billion grain silo investment at its base in Gyermely (about 31 km northwest of Budapest) on Thursday, according to a report by state news wire MTI.

Gyermelyi was awarded HUF 1.5 bln in state support for the 40,000-tonne capacity silos, chairman Béla Tóth said. 

Agriculture Minister István Nagy said Gyermelyi's vertically integrated business model was "one of a kind", adding that sectors in which integration levels were under 50% faced big challenges because of a lack of predictability and uncertainty.

Gyermelyi can store two-thirds of its feedstock in the silos.

The company has plowed HUF 22 bln into its business over the past five years, raising its headcount over 500.

Gyermelyi had a net sales revenue of HUF 46.6 bln last year, public records show.

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