Szijjarto: Alcoa project opens new chapter in Hungarian-US business ties

Budapest, March 17 (MTI) – The new investment project to be implemented at US Aluminium company Alcoa’s plant in Szekesfehervar, central Hungary, will open a new chapter in the success story in Hungarian-US economic cooperation, Hungary’s foreign trade chief Peter Szijjarto said today.

Attending the cornerstone-laying ceremony, Szijjarto said that Alcoa was the second biggest US investor in the country.

The 600 US companies operating in Hungary have created 40,000 jobs and invested nearly 9 billion dollars over the past ten years, he said.

In 2013, the United States became Hungary’s second biggest non-European trading partner, with two-way trade increasing by 24 percent, to 5.5 billion dollars.

Alcoa’s 13-million-dollar expansion at its wheel plant will double the capacity of the facility.

“Demand for Alcoa’s forged aluminium wheels continues to grow in Europe, as emissions regulations drive up the need for stronger, lighter and easier-to-maintain wheels that increase payload, reduce maintenance costs and enhance sustainability,” said Tim Myers, President of Alcoa Wheel and Transportation Products.

Construction of the expansion started in January 2014 and is expected to wind up early in 2015. The investment will create 35 jobs.

Alcoa won a 4.4 million dollar government grant for the investment.

Photo: MTI

Source: http://mtva.hu/hu/hungary-matters