Hungary-based PE foam manufacturer Polyfoam Kft has expanded its production facility in the country’s capital of Budapest. The firm added a new production hall to the plant, reported local daily Népszabadság.
Polyfoam invested a total of 4.5 million euros ($6.1 million) to set up the production hall and launching an R&D center. As part of the project, the firm is to take on 40 new employees which will be added to its existing workforce of more than 200.
The Budapest-based company is owned by Japan’s Trocellen group which expanded into the Hungarian market in 1984.
Sándor Pluhár, executive director at Polyfoam, said that the company’s revenues rose to 6.3 billion Hungarian forints ($28 million) in 2013, which marked the first increase in six years.
Polyfoam supplies its output to various manufacturers active in the automotive, sports equipment, and construction industry. About 96 percent of the Hungarian firm’s output is intended for export to 35 foreign markets, with France and Germany accounting for the largest share of the sales, according to data from Polyfoam.