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Festo-AM inaugurates HUF 1.3 bln expansion at base in Budapest

German-owned process automatization company Festo-AM inaugurated a new HUF 1.3 billion production hall at its base in the north of Budapest.

The new plant will make next-generation valves, managing director Barnabás Bertalan told MTI. It will also be used for logistics, he added.

Festo-AM sees its production output climbing by 40% and expects to raise headcount from 555 at the end of 2010 to 730 by the end of 2011, Bertalan said.

Festo-AM projects revenue will climb to €71 million in 2011 from €49.6 million last year. It plans to more than double revenue in the next five years, mainly by expanding markets and introducing new products, he said. By 2016, it wants to employ 500 people, he added.