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Hungarian company to invest €10 mln to restart shoe factories

Hungarian shoe company Bar and Co Europe plans an investment of more than €10 million in Bonyhád (SW Hungary) that will create 864 workplaces, the Hungarian Investment and Trade Development Agency (ITDH) told MTI.

The National Development and Economy Ministry signed a contract to subsidize the investment based on a case-by-case government decision.

Shoe companies in Bonyhád recently shut down because of fall in demand. Bar and Co Europe aims to develop the unused capacity further. It will make high-end shoes with “airflow” technology developed by the Hungarian István Baricz. The shoes will initially be sold on markets in Western Europe and in the Gulf states.

Production will start soon, ITD Hungary said. (MTI – Econews)