German car mirror maker Flabeg Holding on Monday laid the cornerstone of a €7 million plant in Mateszalka (NE Hungary).
The 3,520sqm plant will be completed in the first quarter of 2012, said managing director of Flabeg's local unit Tamas Nagy. Flabeg is also making a €500,000 technology investment at its existing plant in Mateszalka, he added.
The new plant will double capacity at the Mateszalka base to an annual 12m mirrors. Before a fire in 2009, the base also turned out 12m mirrors a year as well as 2m instrument panels, generating revenue of more than € 19 million in 2008.
Flabeg wants to build another plant at the base by the end of 2013. The 2,000sqm plant would make base materials for mirrors that the unit imports from Germany at present.
About 250 people work at the base.
Flabeg Holding has 13 production bases in nine countries on three continents. The parent company had revenue of €183 million last year.