Good news: Singaporean company brings gigantic investment to Hungary

Singapore-based Vulcan Shield Global, which makes heat insulation materials, will build a HUF 280bn plant in Békéscsaba (SE Hungary).

The greenfield investment, which will create 2,500 jobs, is supported by a HUF 49bn government grant, Minister of Foreign Affairs and Trade Péter Szijjártó said in Bekescsaba on Friday.

“The insulation materials made by Vulcan Shield Global here in Békéscsaba will be purchased by the most successful European companies and used in the space industry, car manufacturing, the aircraft industry, solar panel manufacturing and the petrochemical industry,” he said.

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The Singaporean company will create thousands of workplaces

“This activity requires a very serious research and development background so there is a good chance that Vulcan Shield Global will give Hungary a key role not only in production, but later on also in research and development,” Szijjarto added. He said the company was committed to cooperating with local vocational schools as well as to purchasing raw materials and equipment from local suppliers as much as possible.

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The plant is scheduled to be completed by 2033. The first two units, due to be completed by 2029, will employ 1,200 workers. When it reaches full capacity, the 140,000sqm plant will make 10,000 tonnes of product a year.

The plant will be the company’s first European base.

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