Germany's OBO Bettermann laid the cornerstone of a HUF 5 billion expansion at its industrial cable and plastic parts base on the outskirts of Bugyi, near Budapest.
European Union funding will cover HUF 500 million of the cost of the project which will add two new production halls to OBO Bettermann's existing five at the site, said state secretary at the National Development and Economy Ministry László Varjú.
The new production halls will have a combined area of 13,000 square meters. When completed, the halls could create another 200 jobs at the base, where 450 people work now.
OBO Bettermann's base in Bugyi generated sales revenue of HUF 10 billion in 2008, but the company aims to boost this to HUF 15 billion by 2012. (MTI – Econews)