Budapest, March 20 (MTI) – German Schaeffler’s Hungarian ball bearing unit will undertake a 12 billion forint (EUR 39m) investment in Debrecen in eastern Hungary, the foreign minister said on Friday.
The government is contributing 772 million forints to the investment which will create 72 jobs, Peter Szijjarto said.
The unit, FAG, will add production and warehouse capacity as well as install new equipment, he said.
The Schaeffler group is one the largest family-owned businesses of Germany, and of Europe, Szijjarto said, adding that it employs a total of 4,000 people in Hungary.
The investment also signals that the German economy, Europe’s largest, has remained committed to Hungary and German companies acknowledge the skills and diligence of Hungarian workforce, he added.
There are altogether 6,000 German-owned businesses operating in Hungary and they provide livelihood to 300,000 families, the minister said.
Peter Szabo, managing director of FAG, said the new investment production annual capacity at the Debrecen unit will be increased from the current 20 million pieces to 30 million.