Hungary is expecting a huge investment from a German multinational conglomerate to put up an auto components plant in the country. The German company focuses on steel production and industrial engineering. The company’s main headquarters is in Duisburg and Essen. It has 670 subsidiaries all over the world. It has already established a good name for itself and it is a brand that everyone trusts.
Thyssen Krupp, a German multinational conglomerate, is said to invest 50 million euros for auto parts plant in Hungary. Thyssen Krupp is the largest producers of steel in the world. In 2015, it occupied the tenth spot in the list of largest revenue in the world. The target site of the plant is Pécs in southwest Hungary.
Construction and Other Important Facts
The auto components plant will manufacture the parts for the valve train and the parts for the electronic motor. The construction is scheduled to commence in September of 2019. The completion of the construction is expected at the end of 2020. The new plant is expected to generate around 200 jobs in the years to come.
The CEO of the automotive division of Thyssen Krupp, Dr. Karsten Kroos, states that the prevention of CO2 emission in fleet consumption poses a challenge for customers. The CEO further explains that their powertrain technology can provide the needed solution for the CO2 emission problem. The company cares for the environment and the powertrain technology is their answer.
With the new investment, the company is expanding their:
- European production network
- Product portfolio
- Electric motor components manufacturing
It is the first time that the company has such an expansion outside of Germany.
During the past months, customers of the company are ordering assembled rotor shafts to be used on primary EV platforms. The company has been manufacturing the said assembly in one of their subsidiaries and they intend to the same in Hungary. It is the aim of the company to maintain the same manufacturing standard and quality to meet customer satisfaction.
The establishment of the auto parts plant in Hungary allows the company to reach out to their customers and provide jobs to the locals.