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UPDATE - Continental Teves Magyarország lays cornerstone of HUF 3.8bn expansion

Automotive industry supplier Continental Teves Magyarország on Thursday laid the cornerstone of a HUF 3.8bn expansion at its plant in Veszprém (W Hungary).

The company won an HUF 889m European Union grant to support the extension.

The company will expand its base by almost 3,000sqm, installing twelve new production lines, said managing director Kai-Uwe Walther. Continental Teves Magyarország will make 220 new hires to work the lines, he added.

The expansion is expected to be inaugurated in one year.

Continental Teves Magyarország had revenue of more than HUF 60bn in 2010.

German-owned Continental employs more than 6,000 people at six units in Hungary, including 1,170 at Continental Teves Magyarország.

Continental has an R&D centre in Veszprém where 260 engineers are working on electronic brake systems. A further 58 development engineers will be hired at the centre in the next three years as a new project is launched.