Continental to create 216 new jobs in Hungary
Continental group member ContiTech Fluid Automotive Kft. will expand its production capacity at its Makó and Nyíregyháza locations with a HUF 5 billion investment, subsidized by the Hungarian government with a HUF 1.05 billion cash support, Péter Szijjártó, Minister of Foreign Affairs and Trade, announced on Friday.
Szijjártó added the investment will create 216 new jobs in Makó and Nyíregyháza, and the company will also expand its production area by 4,000 m2 and build a 5,000 m2 logistics hall at the Makó location.
ContiTech Kft. CEO Mihály Nagy said the company's main profile is the production of increasingly popular hose lines for heating and cooling systems for automotive applications, as a result of which the company is expecting further growth in the future.
New cars are equipped with more and more systems that require cooling, while due to battery cooling, electric cars need twice as many cooling systems as traditional combustion models, he said.
He added that the Makó plant, established in 1995, is not only a manufacturing site but it also coordinates ten other Continental plants engaged in the production of such systems, including investments, development and quality control.
According to the CEO, Continental has long-term plans in Hungary and has conducted a successful cooperation with the government. The company is set to continue investments, and negotiations are currently under way with government officials regarding the expansion of hose line capacities.
According to public company data, Makó-based ContiTech Fluid Automotive Kft. registered a HUF 3.6 billion profit in 2014, an increase from HUF 2.9 million registered a year before.
Revenues from sales increased from HUF 41 billion in 2013 to HUF 50 billion in 2014. The company currently has nearly 2,000 employees.
Last year, Nyíregyháza-based ContiTech Magyarország Kft. registered a HUF 2.6 billion profit, an increase from HUF 1.3 billion in 2013. The company registered a net income of HUF 14.2 billion in 2014, up from HUF 10.6 billion in 2013. The Nyíregyháza operation currently has nearly 250 employees.
