Automotive parts manufacturer Enmech Hungary is investing 6.4 billion forints (EUR 20.12m) in expanding production capacity at its base in Pecel on the outskirts of Budapest, the minister of foreign affairs and trade said on Friday.
The government is providing a 641 million forint grant for the project, Péter Szijjártó told a press conference in Budapest.
Enmech is the subsidiary of German company Mektec Europe which is in turn a subsidiary of Japan-based Nippon Mektron.
Mektec Europe CEO Wolfgang Bochtler said production at the new plant could start in October. The plant will produce parts for car batteries and the sensors of self-driving cars. Staff at the Hungarian plant will also take part in development projects.
According to public records Enmech Hungary had revenue of 12 billion forints and after tax profit of 214 million forints in 2017.