Switzerland's Givaudan, one of the world's largest manufacturers of flavorings and fragrances, is set to break ground on a new plant in Makó, southeast Hungary.
Givaudan CEO-President Gilles Andrier said that the plant in Makó is expected to begin full-scale production of food flavoring during the first quarter of 2013, employing 300 workers. Andrier said that Givaudan would begin to gradually transfer production from the company's factories in Bromborough, England, and Kemptthal, Switzerland to the new plant in Hungary beginning in 2012.
Foreign Economy State Secretary Zsolt Becsey said that the plant could provide indirect employment to as many as 1,200 people from the region.
Business daily Napi Gazdaság reported morning that the government had granted Givaudan HUF 1.2 billion in funding for the investment.
Full production is scheduled to start with about 300 staff at the end of 2013. Over 41% of Givaudan's revenues come from emerging markets, which the company wants to increase to 50% within five years.