Péter Szijjártó emhasized that a target has been set to increase domestically-owned companies that are competitive in international markets by 50 percent.Continue reading
Tom-Ferr Zrt. may become a direct supplier to German manufacturers with the 287.55 million HUF (EUR 757,378) non-refundable subsidy from the Hungarian Multi Program – reported Járműipar.hu.
The project, with a total cost of almost HUF 719 million (EUR 1.89 M), will involve the purchase of equipment that will modernize the company’s metalworking operations, enable the production of new types of tubes and new parts, and improve production efficiency.
It is expected that the upgrades will allow them to enter the production of heavy-duty components and to attract additional customers with their new products. The project will also include the installation of solar panels on two buildings of the Tata tube factory and the car parts plant to reduce their operating costs, they said.
Tom-Ferr Zrt., based in Budapest, is active in the production of tubes and automotive components, as well as in the trade of steel tubes. According to its report, the company closed 2021 with sales of almost 25 billion forints (EUR) and 2022 with more than 29 billion forints (EUR 65.9 M), of which foreign sales were more than 5 billion forints (EUR 13.2 M) in both years. Profit after tax exceeded HUF 1.4 billion (EUR 3.7 M) last year and the year before.
Steel tubes at the plant of Tom-Ferr Zrt.
The company is one of the largest steel tube wholesalers in Hungary. In 2008, Tom-Ferr expanded its activities with the Tata plant, where a new business line is the production of automotive components by machining steel tube raw materials.
Tom-Ferr has been supplying the likes of KIRCHHOFF Automotive GmbH, and was even awarded the Supplier of the Year 2018 title by them. KIRCHHOFF develops, manufactures and markets metal components for the automotive industry, and hybrid structures for today’s cars.
Featured images: Facebook/Tom-Ferr Zrt.