Falco plans HUF 8.2 bln investment
Image by Shutterstock.com
Austrian-owned wood-based panel manufacturer Falco is investing HUF 8.2 billion at its operations in Hungary, Minister of Foreign Affairs and Trade Péter Szijjártó said on Monday, according to a report by state news wire MTI.
The government is supporting the investment, which will preserve more than 300 jobs, with a HUF 1.2 billion grant, Szijjártó said.
Falco managing director Tibor Novák said the wood panel-making industry is a capital intensive one, and companies need to invest if they want to keep up with the competition.
Since 2007, Falco has undertaken HUF 49 bln of investments supported by several billion forints of government support, he added.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.