US-owned Wahl Hungaria Kft (Mosonmagyarovar, NW Hungary), which makes products for the beauty and hairdressing industry, will build a new 2,400sqm production unit and purchase new equipment through an investment of HUF 980m, the company told MTI on Wednesday.
The company said it had won a grant of HUF 295m in European Union and government funding through the New Szechenyi Plan for the development.
The project was started in February 2011 and is scheduled to be completed by February 15, 2013.
The production unit is to be completed by early 2012.
Headcount is expected to be increased by 100 from the current 350 in the coming years.
Wahl Hungaria Kft. was established in 1993 and had revenue of €22m in 2010 and 2011, with exports accounting for €21m.