Are you sure?

Elcoteq could move HQ to Budapest, asks Csányi to serve on board

Finnish electronics-manufacturing company Elcoteq could move its headquarters to Budapest, the business daily Világgazdaság said on Friday, quoting Elcoteq Chairman of the Board Jorma Vanhanen.

Vanhanen said a decision could be taken before the end of this year, and if Hungary is selected as the location for Elcoteq's headquarters, local production will be expanded further.

The Elcoteq board chairman said that the company's recent request that OTP Bank Chairman-CEO Sándor Csányi serve on Elcoteq's board is connected to the prospect of moving the company HQ to Budapest. He said that they needed an internationally accepted expert familiar with Hungarian developments and environment to support decision making. “Elcoteq will have to renew its financing too, in which banks operating in Hungary or other financial institutions linked to Hungary can play a role”, Vanhanen added.

In the wake of the crisis, the number of employees at the production base in Pécs, SW Hungary, has been halved to around 3,500. (MTI-Econews)