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Balluff investing HUF 700 mln at Hungarian base

Balluff Elektronika is investing almost HUF 700 million at its base in Veszprém (NE Hungary), managing director Tamás Ötvös told MTI.

Balluff Elektronika launched the investment program last year and will complete it by the end of July 2013, Ötvös said. The program is supported by HUF 260 million in European Union funding, he added.

Balluff Elektronika, a unit of German automation technology company Balluff, targets a 5-10% revenue increase over last year’s net HUF 14.7 billion. The company employs 642 people at present.