As a result of the investment, the plant’s conveyor belt capacity will grow to an annual 1.94 million meters from the current 1.2 million meters.
Continental acquired the Hungarian plant in 2005 when it bought Phoenix, which had bought the plant in a privatization deal in 1996. In addition to the conveyor belt plant, Continental owns Phoenix Rubber Kft, which processes tire rubber.
Conveyor Belt Systems employs 236 people and had revenue of €37.7 million in 2005. Phoenix Rubber, which employs 305 people, had revenue of €46.8 million last year. Continental plans to merge the two companies soon, said Tamás Katona, Phoenix Rubber’s managing director.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
