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29th March, 2018

GS Yuasa starts to build battery plant

Japanese battery maker GS Yuasa laid the foundation stone on Wednesday for its electric-car battery plant to be built in Miskolc.

The government will provide Ft 465 million in state support to the Ft 8.8 billion project, Foreign Affairs and Trade Minister Peter Szijjarto said. The Czech Republic and Germany were also in competition to host the factory, Szijjarto underlined.

GS Yuasa plans to supply European electric car makers from its Hungarian plant, which is to start production next year.

First, the company will build a 60,000m2 production site, which, at a later stage, could be expanded to 140,000m2, GS Yuasa International’s president Osamu Murao said. (napi.hu)
29th March, 2018

Stadler to double capacity in Szolnok

The Hungarian unit of Swiss railway rolling stock manufacturer Stadler has received the construction permit to expand to double its manufacturing capacity in Szolnok, Stadler Magyarorszag supervisory board chairman Zoltan Dunai announced at a press conference on Wednesday.

Stadler will spend Ft 10 billion on building production halls on the site of a former sugar refining plant and buying machinery. As a result of the investment, its capacity will double to 500 units of rolling stock a year.

The company will build a 8,000m2 production facility by September this year and a storage facility by the end of September next year. The company will also create 15 jobs with the project. (napi.hu)
29th March, 2018

Pakistani PM opens MOL gas facility

Pakistani prime minister Shahid Khaqan Abbasi officially opened on Tuesday Hungarian oil and gas company MOL’s $15 million gas processing facility in Tolanj, state news agency MTI said on Wednesday.

Tolanj is close to the Tal Block, which is operated by MOL. The gas processing facility, which was commissioned on December 5, 2017, produces 20 million cubic feet of gas daily.

MOL Pakistan is the largest LPG producer, the second largest oil and condensate producer and the seventh largest gas producer in Pakistan. (portfolio.hu)
29th March, 2018

Spar opens sandwich plant

Supermarket chain Spar Magyarorszag opened a 1,500m2 sandwich plant in Ullo, south of Budapest, on Wednesday, CEO Gabriella Heiszler said at the opening ceremony.

The plant was established at a cost of Ft 1.2 billion. Spar spent a total of Ft 23 billion on modernisation in 2017, Heiszler said.

Spar made Ft 562.5 billion in revenue last year, up 8.9% from the previous year and a record high.

It opened four hypermarkets, 26 new units including franchise partners and filling station shops, and modernised 21 supermarkets last year. In December 2017, Spar had 33 Interspar hypermarkets, 344 supermarkets and 142 franchise units.

Spar employs nearly 13,000 people, of whom 74% are women. Only 10% of the employees work part-time, which makes it clearly different from discount chains, Heiszler said. (napi.hu)
29th March, 2018

Vienna Insurance Group merges subsidiaries

Erste Biztosito, Union Biztosito and Vienna Life Biztosito, the three Hungarian subsidiaries of the Vienna Insurance Group, will merge on April 1, to continue to operate under the name Union, the subsidiaries announced on Wednesday.

Existing contracts will remain in force and clients need not take any action, Union underlined.

Erste and Vienna Life are life insurance companies while Union is a life as well as a general, non-life insurance company.

The three insurance companies’ combined premium income reached Ft 76 billion last year, out of which Ft 45 billion was realised on life and Ft 31 billion on non-life products.

The new company, Union, will be the sixth largest insurance company and the fifth largest on the life insurance market alone, based on income. (napi.hu)
29th March, 2018

Magyar Telekom to suspend some services temporarily

Magyar Telekom will suspend some of its services for a few hours at several locations throughout the country on March 29 due to electricity network upgrades carried out by the respective local power suppliers, the telecommunication company announced on Wednesday.

Magyar Telekom will perform various upgrades of its own network as well at some additional locations. That will also result in a temporary suspension on the same day of its analogue and digital phone services, and internet and IPTV services, the company added.

The list of the affected areas, together with a timetable of the suspensions, is available on Magyar Telekom’s website. (telekom.hu; napi.hu)
29th March, 2018

Richter receives innovation award

The Hungarian Innovation Foundation has awarded its 2017 Innovation Grand Prize to pharmaceuticals maker Richter Gedeon for its original drug cariprazine, an antipsychotic to treat schizophrenia and bipolar mania.

Janos Latorcai, parliament’s deputy speaker, and Jozsef Palinkas, president of the National Research, Development and Innovation Office, handed the award to Richter Chairman Erik Bogsch in the Parliament on Wednesday.

The laudatory address highlighted that cariprazine is the embodiment of the concept “invented and made in Hungary.”

Bogsch noted that Cariprazine is the first drug of a Hungarian developer which has received approval from the US medical authorities.

“The success of cariprazine is of historic importance not only for Richter, but also for the entire Hungarian pharmaceutical industry,” he added. (portfolio.hu)

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