Hungary's vinyl flooring producer Graboplast Kft. has developed a new automotive underbody protection solution with plans to produce 4,000 metric tons per year of the product.
The project is part of the firm's ongoing investment of 8.7 billion Hungarian forints ($29.9 million) to create 120 new jobs by the end of 2017, reports local news agency MTI.
The new plastic underbody protection solution will be made at Graboplast's factory in Győr, in northwestern Hungary. The manufacturer is aiming to export the new product to foreign markets, and it is currently in talks with a number of car makers which could purchase its automotive solution.
Under the investment, the vinyl flooring producer is aiming to expand and modernize its production facilities in Tatabanya and Kecskemét, both located in Hungary. In total, Grapoplast's three plants are operated by a workforce of 600.
In 2014, the Győr-based company posted revenues of around 17.5 billion forints ($60.2 million). Graboplast's exports represent a significant share of its sales revenues, as the firm's products are sold in 80 countries on five continents, according to data released by the Hungarian company. Some of its key export markets include the United Kingdom, Russia and the U.S.