Hungarian Járműszerelvényt Gyártó, a company that manufactures railway carriage parts, is finishing a HUF 400 million expansion at its production base in Tiszavasvár, northeastern Hungary, company CEO József Forgács told Hungarian news agency MTI.
The company, which produces windows, doors, luggage racks, signs, dividers and other fittings for railway carriages, expects to complete a third production hall at its base by the end of June, the CEO said, adding that a grant is to cover about half of the cost of the project which will raise headcount at the firm from 65 to 90, MTI reported.
Forgács reportedly said that the company is planning to spin the base off into a separate unit in the future, and expects it to generate about half of groupʼs revenue. Last year, the base accounted for about HUF 800 mln of Járműszerelvényt Gyártóʼs HUF 3.5 billion revenue, MTI said.
Since 2012 the company has invested approximately HUF 1 bln at the base in Tiszavasvár, the news agency reported. Almost all of its output is exported, it added. via BBJ