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Swiss Maxon opens Ft 700 million new hall in Veszprém, Hungary

Maxon Motor Hungary Ltd – located in Veszprém - has inaugurated its new plant hall on Tuesday. The 1500 square meter production unit was a Ft 700 million ($3.9 million) investment.

Heincz Ziethen, economic director of Swiss Maxon Motor – a maker of precision parts for electric motors - emphasized that with the new plant, the size of the production area has been doubled. The number of employees has grown to 170 and is expected to reach 200 by the end of the year. Further hiring of 300 is planned in the next five years. Heinrich Ziethen has told the press that the Swiss mother company has already invested Ft 2.6 billion ($146.6 million) in Hungary and will carry out developments for a further amount of Ft 2 billion. Last year the company’s turnover was Ft 700 million and this year the company is set to achieve Ft 800 million sales revenue. (Napi Gazdaság, Gazdasági Rádió)