Schaeffler to invest HUF 25 bln in Hungary

The Hungarian subsidiary of German automotive manufacturer Schaeffler is planning to invest HUF 25 billion at its Hungarian plant in Debrecen, Hungary’s Minister of Foreign Affairs and Trade Péter Szijjártó announced yesterday, according to reports. The Hungarian government is supporting the investment with a HUF 4.5 billion grant, and the expansion is expected to create 510 new jobs in Hungary, the minister said, according to Hungarian news agency MTI. With the investment the Hungarian plant will be expanded and new technology will be installed, Péter Szabó, the CEO of Fag Magyarország Kft. said. The project is scheduled to wind up by 2017, Rainer Lindner, the regional CEO of Schaeffler for CEE said.