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Samsung to invest Ft 20 bln at Hungarian unit

Korean electronics giant Samsung plans to spend Ft 20 billion to expand capacity at its plant in Hungary in the next year and a half, Lee June Young, chairman of Samsung Electronics Magyar Zrt, announced on Friday.

Samsung started work on a new 18,000-square-meter unit at its plant in Jászfényszaru, east of Budapest, the company said. The new investment is expected to open in mid-2007 and start operating at full capacity from 2010, creating 1,000 jobs.
Samsung set up the Jászfényszaru plant in 1989 and has spent some $61 million on it in the past 14 years. It currently employs 2,000 people at the plant, where it produced 3.2 million TV sets last year and exported the products to 34 countries.
Minister of Economy and Transport János Kóka said Samsung had made continuous and exemplary investments at its Hungarian unit since setting up in the country.