Ma & Pa business embarks on mega project
Monday, March 21, 2005, 00:00
Pannon Tools Kft will realize a Ft 550 million greenfield investment in the industrial park of Gy?r, building a 3,300-sqm manufacturing plant. The company signed a 10-year supplier contract with French EM Techonologies a year ago for maintenance in addition to becoming a supplier of tools and parts to the French company. Pannon is also a subcontractor to the Peugeot-Citroën factory in Trnava, Slovakia through EMT Hungária Kft, the Hungarian subsidiary of EM Technologies. The new manufacturing plant will be shared by the two companies, with EMT using two thirds of the floor space and Pannon Tools using the rest. By completing the project, family-owned Pannon Tools may increase its revenues to Ft 1 billion, which is twice the 2004 turnover.