Automotive parts manufacturer Ábrahám Kft. has expanded its factory in Túrkéve, in central Hungary, with the launch of a new production hall as part of an investment worth 400 million Hungarian forints ($1.79 million).
The project will create 63 new jobs at the facility and allow the manufacturer to expand production of car parts with the use of plastics, including rearview mirrors, external brake lights and indicator lights, reported local news site Autopro.hu
The new 38,700-square-foot facility is to be fitted with state-of-the art injection molding machines, according to Károly Ábrahám, the company’s owner.
The plant’s expansion was supported by an investment grant of 143 million forints ($649,000) obtained from the Hungarian government, representing close to 36 percent of the total cost.
Speaking at the opening ceremony, Ábrahám said that the investment marks an important step for the manufacturer which manages to develop its production capacity despite the ongoing economic crisis.
For 2014, the Hungarian firm is expecting revenues of about $41.4 million, an increase of over 15 percent compared with sales of $35.9 million reported a year earlier.