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Videoton subsidiary wins electronic assembly business

Videoton Electronic Assembly Services (VEAS), a member of industrial group Videoton, is taking over the manufacturing of certain electronics products from France's Hager Group, an electrical distribution systems manufacturer, Videoton informed the Budapest Business Journal on Thursday.

The decision to transfer the whole electronic assembly of one of the group’s French factories, which makes building automation products, was made by Hager in the beginning of 2010. The cooperation between the two companies started in 2008.

After the transfer is completed, Videoton is going to supply the electronic sub-assemblies used in smart building automation from Székesfehérvár to the Hager group in France. Due to the recently won business, VEAS’s portfolio has significantly changed, as the earlier high volume electronics assembly has been replaced by the production of small volume, high diversity, complex products.

The Hager Group is a leading supplier of solutions and services of electrical installation systems for residential and commercial properties as well as industrial applications. The Group has 26 production sites in 12 countries.The business, which has €1.3 billion turnover and more than 11,000 employees, is owned and run by members of the Hager family.

Videoton is the largest Hungarian industrial group in local private ownership. The company, headquartered in Székesfehérvár, has nine plants in Hungary, one in Bulgaria and one in Ukraine. The number of employees is 8,000 and the company’s turnover reached €312 million in 2010. (GL)