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Teva to expand Hungarian capacities

The Hungarian government has decided to award Israeli drug maker Teva a Ft 2 billion subsidy for a $100-million capacity expansion at its tablet plant in Debrecen.

The announcement was made by Economy Minister Csaba Kákosy and Teva Magyarország CEO András Rózsa said at a press conference in Budapest on Monday. The capacity expansion will create 415 new workplaces. Teva will double its capacity at the plant to an annual 15 billion as a result of the investment, which will be completed in 2010, Teva Gyógyszergyártó Lajos Hegedűs said. Debrecen mayor Lajos Kósa announced that the local council gave Teva’s investment a preferential treatment due to its high value added and allow Teva to reduce its Local Business Tax base with some of its costs. (Gazdasági Rádió, Napi Gazdaság)