Payer Industries Kft, the local subsidiary of Austria's Payer Technologies, on Thursday started work on a Ft 500 million beauty products factory in Ajka, northwest Hungary.
The plant is scheduled to be completed by July 2007 and production could start by August, Payer group CEO Rob Bekkers said. The new factory was necessary to meet the company's growing stock of orders, Bekkers said.
In addition to beauty products, the factory will be capable of producing die-cast tools, automobile parts, electronics and parts for pneumatic devices. Part of the investment will be paid for with state grants.
Payer will hire 50 more workers to staff the plant. Currently, the Hungarian unit employs about 500 people, but this number could rise to 600 by 2008, including workers at both the new and the old factories, Bekkers said.
Payer's unit in Hungary, established in 1992, makes barbers' scissors, men's and women's razors and epilators. Last year it had revenue of Ft 8.5 billion. Almost all of the unit's products are exported, to companies such as Philips, Remington, Seiko and Calor. In the spring, the company invested Ft 140 million to set up a painting plant in Ajka.