Germany's Thyssenkrupp building a HUF 17.4bn camshaft plant in HungaryAll Articles
ThyssenKrupp plans to build a new plant to manufacture automotive components in Pecs worth HUF 17.4 billion, creating 200 new jobs.
Construction of the greenfield investment will begin this year and production could start by the middle of 2020. The company also has bases in the Hungarian cities of Gyor, Jaszfenyszaru and Debrecen, as well as in the capital. The Hungarian government is supporting the project, with HUF 5.57 billion grant. The government incentives is contigent on company meeting capital investment and job creation targets.
“The new plant in Pecs use state-of-the-art Industry 4.0 solutions while creating jobs that generate high added value,” said ThyssenKrupp’s managing director Marc de Bastos Echstein.
“The expansion of ThyssenKrupp’s local activities confirms that Hungary can be a bastion of manufacturing in the new automotive industry era. In addition, the latest investment projects are producing a jump in quality, not just quantity, in view of the fact that their ratio of research and development and technology has been increasing continuously from year to year.” said Minister of Foreign Affairs and Trade Peter Szijjarto.
In Gyor, Thyssenkrupp Automotive Systems’ chassis specialists have been manufacturing complete car chassis for Audi Hungaria since 2013. In 2016, production of steering transmission units and cylinder head-integrated camshafts began in two plants in Jaszfenyszaru, while a coil spring and stabilizer plant has operated in Debrecen since 2018.
Publicly available company data show that Thyssenkrupp Components Technology Hungary realized over HUF 63 billion in new turnover in the business year ending last September and posted over HUF 522 million in after-tax profit.
Thyssenkrupp operates in the areas of components technology, elevator technology, industrial solutions and materials services in Germany, the United States and China. The company’s Components Technology segment provides various components for automotive, construction and engineering sectors, as well as for wind turbines. Its Elevator Technology segment is involved in the construction, modernization and servicing of elevators, escalators, moving walks and stairs and platform lifts, as well as passenger boarding bridges. The company’s Industrial Solutions segment offers construction services, as well as naval shipbuilding services. Its Materials Services segment distributes materials and provides technical services for the production and manufacturing sectors. Thyssenkrupp was founded in 1811 and is headquartered in Essen, Germany.
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