Mechantronic vehicle-component manufacturer Freudenberg NOK Mechatronics Hungary has started a €1 million investment at its plant just outside Budapest, the business daily Világgazdaság reported on Friday, citing company managing director András Karagics.
They will convert a 900-square-meter warehouse into a production hall for the manufacture of LED lights on premium-brand European vehicles.
The company will hire 20 people to work at the new facility, which is expected to begin production in April.
Freudenberg NOK Mechatronics Hungary, which currently employs 240 of its own workers and 150 temporary workers, generated revenue of HUF 8 billion in 2010, up from HUF 5.3 billion in 2009. It posted after-tax profit last year, compared to after-tax losses of HUF 31m the previous year.
Germany's Freudenberg Group owns 50% of Freudenberg NOK Mechatronics Hungary, while Japan's NOK Corporation owns the other 50% of the company.