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Kronospan to complete investment at Hungarian plant by year-end

Wood panel maker Kronospan expects a technology investment costing tens of billions of forints at its plant in Hungary, a joint venture with local company Mofa Kft, to be completed by the end of 2006, business daily Napi Gazdaság reported on Tuesday.

The plant is currently laying off staff, but the completion of the investment will mean 200 new jobs.
Kronospan and Mofa raised the unit's registered capital by Ft 2 billion to Ft 4.31 billion in 2005. According to the latest available published data, the company had no revenue in 2004, however it ended the year with net losses of Ft 30 million and liabilities of Ft 1.478 billion.