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ZF Hungária sees revenue plunging because of crisis

The Hungarian unit of German transmission maker ZF expects revenue of just €91 million this year, about 60% under the target and down from €199 million in 2008 because of the crisis in the automotive industry, ZF Hungária chairman-CEO Ulrich Diller said in Eger on Tuesday.

The unit has laid 200 of its 874 staff, but introduced a four-day work week to preserve jobs, Diller said.

ZF Hungária has a brighter outlook for 2010, when it targets revenue of €151 million. It sees revenue rising to €224 million in 2011. Turnover will grow because of new clients and new products rather than an expansion on the company's existing markets, Diller said.

ZF has invested €83 million in its base in Eger over the past several years.

The crisis has also affected the Eger-based ZF Lenksysteme, which makes steering systems for cars. Revenue of the unit is expected to be 40% under the target this year, at €125 million. The unit has cut a hundred of its more than 500 staff and introduced a four-day work week. (MTI-ECONEWS)