Germany’s Dynamit Nobel Defence signed an MoU on establishing a JV in Hungary making armour and parts for armour-piercing weapons. The JV will make explosive reactive armour in the first two years while starting manufacture of parts for shoulder-launched armour-piercing weapons. The JV is slated to manufacture an entire version of Dynamit Nobel Defence’s RGW shoulder-launched weapon within five years.
OTP Bank, Hungary’s biggest commercial lender, and Magyar Eximbank, announced the launch of a 25 billion forint private equity fund that will target businesses in the region. Investments are expected to be in the 3-15 million euro range.
A Polish-Hungarian business chamber, comprising 33 companies, was established in Warsaw. Among the chamber’s founding members are Hungarian-owned property developer Cordia Polska, pharmaceutical company Gedeon Richter Polska and construction company TriGranit, as well as Polish-owned office furniture company NowyStyl Hungary.