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Swiss rolling-stock maker Stadler Rail Group and the city of Szolnok, east Hungary, have signed a declaration of intent to establish a joint venture to build a multiple-unit train assembly plant at Stadler's production site in the city, business daily Világgazdaság reports.
Construction of the new plant, which will cost about 20 million Swiss franc (HUF 4.4 billion), is scheduled to begin later this year and end in 2012.
Stadler will hire 100 people to work at the new plant, raising the total number of workers the company employs at its Szolnok production base to 300.