Ceva-Phylaxia to build HUF 8.2 bln animal vaccine base
French-owned veterinary health company Ceva-Phylaxia Oltóanyagtermelő will spend some HUF 8.2 billion to build a vaccine plant and R&D base in Monor, on the outskirts of Budapest, Minister of Foreign Affairs and Trade Péter Szijjártó announced on Tuesday.
The government is supporting the investment with a HUF 1.64 bln grant, Szijjártó said, adding that the new plant will provide jobs to highly qualified workers and bring innovative technology to Hungary. Ceva-Phylaxia exports almost 95% of its output, he added.
“Veterinary health is a sector of national economic importance in view of the fact that export bans resulting from livestock diseases cause a significant reduction in revenues,” the minister was cited as saying by official government website kormany.hu.
Szijjártó stressed that the pharmaceutical industry is a traditionally strong sector of the Hungarian economy, and the ratio of pharmaceutical industry research and development is the highest in Hungary from among the countries of the Visegrád Group; last year, the production value of the sector, which employs 30,000 people, exceeded HUF 810 bln, he added.
Thierry Le Flohic, chairman of Ceva-Phylaxiaʼs board of directors, recalled that the company has made investments of more than EUR 100 million over the past ten years and has expanded production capacity by almost 20% annually.
(Note: this item was corrected from an earlier version which stated the value of the investment at HUF 10 bln.)
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