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Zoltek completes first phase of Ft 20 bln expansion at Hungarian plant

US carbon fiber maker Zoltek completed the first phase of a Ft 20 billion investment at its plant in Nyergesújfalu, north of Budapest, boosting capacity by 50%, business daily Napi Gazdaság reported on Monday.

Zoltek opened on Friday a new production hall and two new production lines as the first part of the investment, which will quadruple capacity when completed. Altogether, Zoltek plans to build 25,000 square meters of new production space and renovate a further 10,000-15,000 square meters. The company will finance most of the cost of the expansion, but it will also receive some state subsidies for creating new jobs. The company will hire 400 more workers as a result of the project, bringing the total number to 1,200.
CEO Zsolt Rumy earlier said that from the end of 2007 or the beginning of 2008, a third of the world's carbon fiber production would take place in Hungary.