Patec to build plant in Hungary
Singapore-based Patec will build its first plant in Europe, to make car components, in the Hungarian city of Miskolc, Hungarian news agency MTI reported yesterday. Andy Wong, managing director of Patec's Hungarian unit, and Miskolc mayor Ákos Kriza signed a declaration of intent on the investment on Thursday.
Wong noted that Patec had been present in Miskolc for five years. He cited the stable and well-trained local labour force, the infrastructure and the knowledge base provided by the city's university as reasons for the decision to make the investment in Miskolc. About 400 people will work in the 15,000 sqm plant and it will manufacture stamped parts, window wipers, and exhaust systems for the Volkswagen group. Last year, Patec's Hungarian unit had net revenue of HUF 332 mln.
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