ThyssenKrupp says it has opened a further automotive components plant in Hungary.
A new production site for chassis and powertrain components has been built in Jászfényszaru, around seventy kilometres east of Budapest. It will produce electric power steering systems and valve train systems for 'German and international OEMs'.
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Thyssenkrupp invested around EUR100m in the construction of the new plant complex. As production is ramped up, up to 500 new jobs will be created at the site in the coming months, the company says.
"Our focus is on high-tech products such as electric steering systems and components for highly efficient internal combustion engines and electric motors."
"In recent years Hungary has developed into an important player for the European auto industry. Last year alone some 480,000 cars rolled off the country's production lines. Our customers are investing in new plants, and we are also looking to continue our profitable growth in Hungary. Our focus is on high-tech products such as electric steering systems and components for highly efficient internal combustion engines and electric motors," says Karsten Kroos, CEO of thyssenkrupp's Components Technology business area.
A further plant for springs and stabilizers is currently being built in Hungary and is scheduled to start production later this year. New customer orders make the expansion of production capacities in Hungary necessary, the company says. The division increased its order intake by 14 percent last fiscal year.
Thyssenkrupp's new plant in Jászfényszaru is the company's first in Europe to locate two different product technologies at the same site. Combining the activities will 'allow efficiency and cost advantages to be utilised' it says. Thyssenkrupp has already launched such combined sites successfully in China and North America in recent years, the company says.
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By GlobalDataThyssenkrupp currently operates an axle assembly plant and a steel service centre in Gyor for automotive customers in Hungary. The company also has a software development centre in Budapest creating software products for electric power steering systems and new applications for steer-by-wire and autonomous driving solutions.
Thyssenkrupp currently employs around 1,100 people in the automotive industry in Hungary.
