Japan's Toyo Seat and Magyar Suzuki Rt have set up a joint venture to build a Ft 2 billion seat factory in the Nyergesújfalu industrial park, north of Budapest, Yoshihiro Takahama, who heads Toyo Seat's Hungarian unit, said on Tuesday.
The factory will supply Magyar Suzuki's plant in nearby Esztergom. The plant is expected to turn out 1.2 million seats worth some Ft 20 billion in 2008. The plant will employ 200 people.
Toyo seat set up a unit in Hungary in 2003. It currently employs 830 people at its plant in Százhalombatta, south of Budapest, which makes seat frames for Suzuki and other carmakers in Europe.
Toyo Seat has already purchased a four-hectare plot from the local council of Nyergesújfalu where it will build a 7,000 square meter production hall. The company will be the first to build in the city's industrial park.