ThyssenKrupp says it will establish a new EUR100m (US$110m) plant for engine components and steering systems in Jászfényszaru, 70km kilometres east of Budapest.

Construction will start in spring 2016, with production of electronic power-assisted steering systems and cylinder head covers with integrated camshafts planned to begin in 2018.

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Thyssenkrupp will create around 500 new jobs at the site in the coming years, meeting demand from recently acquired major orders from international OEMs.

“This investment follows our strategy towards standardisation and cost optimisation in the automotive components business,” said Thyssenkrupp Components Technology Business CEO, Karsten Kroos.

“For the first time in Europe we are localising production of two different technologies at one site. That will be an immense help in offering competitive cost structures.

“We have already enjoyed success with this strategy in China and will also be employing it in other growth markets.”

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In Shanghai, Thyssenkrupp opened a chassis components plant in 2014 producing both steering and damping systems.

For electronic power-assisted steering systems, the company says it has received significant auto industry orders, while demand for cylinder head cover modules with integrated, assembled camshafts is high.

“Hungary offers good conditions for our growth plans. Its central location, good infrastructure and skilled labour force are the main reasons for expanding our business activities in Hungary,” added Kroos.

Thyssenkrupp already operates a software development centre for steering technology in Budapest, where 400 software engineers work to develop solutions for electro-mechanical steering systems for the automotive industry.

In 2013, Thyssenkrupp opened a front and rear axle assembly plant for Audi in the Hungarian city of Gyor.