Hungaryʼs government has awarded the company a HUF 4.5 bln grant for the project, Minister for National Economy Mihály Varga said at the ceremony.
The 23,000 square-meter plant will be completed by February, said Managing Director Attila Vajda. It will employ about 100 people to turn out 35,000-40,000 tons of semi-processed product a year, he added.
Output of finished product will climb to an annual 100,000 tons as a result and the headcount will rise over 500, Vajda revealed. The plant will supply Vajda Papír with half of its semi-processed product, all of which is imported at present, he added.
Vajda Papírʼs revenue target this year is about the same as last yearʼs HUF 26 billion, but turnover is expected to climb 10% once the new plant is completed, Vajda said.
Vajda Papír also has a plant in Norway with the capacity to turn out 25,000 tons of product a year.
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