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Elcoteq to move HQ to Budapest

Finnish electronics maker Elcoteq will be turned into a European company limited by shares, and will move its headquarters to Budapest, unnamed sources reported. Elcoteq wished to get closer to its clients, which are mostly from Hungary and its neighboring countries. The Finnish electronics firm also invests Euro 54 million in upgrading the production technology of its plant in Pécs, southern Hungary, between 2004 to 2008, creating 700 new jobs in the factory, which already employs 4,800. (NG 4) P.Ő.