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10th October, 2019

Valor Hungariae helps patent office

Valor Hungariae, a state company promoting Hungarian innovation, ideas and invention abroad, has signed a co-operation agreement with the intellectual property patent office SZTNH.

The joint work of the authority and the state agency will speed up administration for inventors, which also supports the Hungarian economy, said Valor Hungariae CEO Istvan Lesenyi.

The SZTNH provides information services to Valor Hungariae and informs innovators about the services of the agency, said president Gyula Zoltan Pomazi. (portfolio.hu)
10th October, 2019

SBS building Ft 2bn assembly unit

SBS is investing Ft 2.3 billion in building a new assembly unit in Erdotelek, Heves county, local Fidesz MP Zsolt Szabo said at the foundation stone laying ceremony on Wednesday.

The EU contributed Ft 920 million to the project.

Hungarian-owned SBS produces machinery and metal parts for railway carriages.

The development projects will be completed in January 2021, said CEO Laszlo Balogh.

The new 2,000m2 building with modern equipment allows for a 35% capacity increase.

SBS exports 97% of its output, supplying Caterpillar, Liebherr and Terex, Balogh highlighted.

SBS realised €22.5 million in revenue last year, a 10% rise from 2017. (magyarhirlap.hu; napi.hu; magyarnemzet.hu)
10th October, 2019

Szarvasi Agrar opens dairy

Szarvasi Agrar opened a new dairy in Csabacsud, Bekes county on Wednesday, agricultural news website Agrarforum reports.

Agriculture Ministry state secretary Sandor Farkas told the gathering that the Ft 1.1 billion project had received a Ft 442 million state subsidy.

The sector would not be profitable without EU and government subsidies, he said.

CEO Imre Szito of the fully Hungarian-owned company pointed out that the new dairy uses Italian technology.

The dairy will reach full capacity in 2020-21, producing an annual 7.5 million kilograms of cheese.

Some of the output will be exported to Italy and the Middle East.

SBS maintains a farm with 800 cows to supply the dairy.

Following last year’s Ft 125 million profit on Ft 1.5 billion of revenue, SBS is aiming for an Ft 85 million profit on Ft 1.6 billion of revenue this year.

The decline in profit is due to the new fixed capital investment. (agrarforum.hu; magyarhirlap.hu; maygarnemzet.hu)
10th October, 2019

MPA Systems opens new factory

MPA Systems opened its new aluminium window and door making factory in Miskolc on Wednesday.

The company invested Ft 1.5 billion in the new facility, creating 50 jobs, thereby doubling the workforce to 100.

Hungarian-owned companies must first establish themselves domestically in order to be able to compete abroad and invest there, Finance Ministry state secretary Balazs Rakossy said at the opening ceremony.

The government considers improving competitiveness and productivity as the important tasks of coming years, he underlined, adding that tax cuts will be continued, rules will be simplified and a strict budget policy remains.

MPA Systems reported a Ft 194 million profit and Ft 2.8 billion in revenues in 2018, up from Ft 92 million and Ft 1.9 billion respectively in 2017. (origo.hu; magyarhirlap.hu; maygarnemzet.hu)
10th October, 2019

LP Portfolio ready for MNB bond programme

German credit-rating agency Scoop Ratings has assigned a rating of B+ with a stable outlook to LP Portfolio, making the Hungarian holding company eligible for the MNB’s corporate bond purchase programme.

The MNB has launched a Ft 300 billion project to buy bonds issued by domestic companies with a rating of B+ or better.

LP Portfolio plans to issue Ft 3 billion worth of bonds, and to use revenue to invest in the property market.

LP Portfolio follows a conservative “buy and build” approach investing mostly in non-cyclic industries, Scoop ratings underlined.

The agency saw the small size of the family business as a risk factor. (portfolio.hu)

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