German-owned Cabero Industrial Kft has begun construction of a HUF 1.4bn plant in Kaposvár (SW Hungary) to produce industrial heat exchangers and industrial refrigerators, owner/managing director Laurentino Cabero-Meindl said on Wednesday after the cornerstone for the plant was laid.
The company received HUF 629m in European Union funding for construction of the plant.
In the first phase of the project construction of a 10,000-square-meter plant is scheduled to be completed by summer 2012. The company plans a further, 5,000-square-meter expansion of the plant in the future.
The plant will initially employ 70 workers, which could rise to 130 in two years and to 300 within five years if the economic climate is suitable. The plant will sell its products on export markets, mainly in Europe and the Middle East.
Cabero decided in 2009 to build another production base in addition to its plant in Magócs (S Hungary), which has been operating since 1996.