Budapest (MTI) – German-owned transmission maker ZF Hungaria will invest 31 billion forints (EUR 100m) at its plant in Eger, in northern Hungary, with a 6.7 billion forint grant from the government, the foreign minister announced in Budapest on Friday.
The investment will create at least 770 jobs and will add eight-speed automatic transmission for passenger cars to the unit’s product palette, Peter Szijjarto said.
ZF Hungaria will bring new high technology to Hungary with the new project, Szijjarto said. Hungarian suppliers currently account for 2 percent of the total in this technology in Hungary, which ZF Hungaria plans to increase to 15 percent in the near future, he added.
When the investment is implemented, the transmissions made at the Eger unit will all be exported, Szijjarto said, adding 200 billion forints a year to Hungarian exports. ZF Hungaria employs 900-1,000 workers, he added.