"Hungary has on Thursday signed a subsidy contract with Spain's car parts maker F. Segura that will build an EUR 20 million facility in Szolnok, east-central Hungary.The 12,000-sqm plant, which will be built on a 100,000-sqm plot, is to launch production in January 2009. The company expects to create 150 jobs by end-2010.
The Ministry for National Development and Economy has not disclosed the amount of the awarded investment subsidy, saying it would be made public only after it is approved by the European Union.
F. Segura manufactures metal parts for seats, bodyworks, engines, car interiors and exhaust systems for the automotive industry, for clients such as Audi, Ford, Land Rover, Mazda, SEAT, Volkswagen and Volvo. It delivers its products to Europe and the United States, as well.
The company started construction works in the Szolnok Industrial Park in the winter of 2007 and production is scheduled to begin in January next year.
By coming to Hungary F. Segura aimed to move its finished products closer to its end buyers. Another clear goal of the company is to boost its market share and obtain a major presence in Europe. It believes the neighbouring markets, e.g. Austria, Germany, Poland and Romania offer an excellent ground to meet this objective
F. Segura also intends to step up its activities in Research & Development and in this respect it counts on co-operation with local universities, technological institutions and other companies.
In the first half of 2008, the Hungarian Investment and Trade Development Agency (ITDH) helped seal 25 foreign investment projects in the country, in the total value of 1.4 billion, which will create nearly 7,000 jobs.
ITDH currently has about 300 potential projects in its hands, including investments in the automotive and machinery industries."
Source: Portfolio Online Financial Journal
11.07.2008