Thyssenkrupp to invest EUR 58.9m in Hungary base

Germany’s Thyssenkrupp is investing 23 billion forints (EUR 58.9m) in expanding its plant in Jászfényszaru, east of Budapest, the minister of foreign affairs and trade said on Monday.

The investment, which is being supported with a 4.6 billion forint government grant, will create 110 jobs. The company will produce two million rotary shafts for electric vehicles a year.

“Competition for these investments is always strong, and since Thyssenkrupp is one of the world’s biggest auto industry suppliers, employing some 100,000 people worldwide … many countries would have wanted to secure this investment for themselves,” Péter Szijjártó said said.

“This is another investment that clearly demonstrates that German businesses have retained confidence in Hungary and its investment environment, and is further proof that the relationship between the Hungarian government and German companies investing here is based on mutual respect,”

he said.

German businesses make up the largest investor community in Hungary, which 20 percent of foreign investments coming from Germany, Szijjártó said.

Hungary’s car manufacturing industry employs around 170,000 people directly and, indirectly, three to four times more, the minister said.

As we wrote a few days ago, LEGO is to invest EUR hundreds of millions in Hungary, details HERE.