High-Tech Investments to Start in Southeastern Hungary

Singapore-based advanced materials manufacturer Vulcan Shield Global (VSG) is set to start a series of high-tech investments in the southeastern Hungarian city of Békéscsaba, according to a statement by the Hungarian Investment Promotion Agency (HIPA).

The specialist of extreme heat-resistant advanced alumina fibre products will implement three large-scale investments in the capital of Békés County, with a combined value of EUR 700 million, nearly 20% of which is covered by Hungarian taxpayers, according to a figure released by the Hungarian Ministry of Foreign Affairs and Trade.

HIPA says the projects represent a new chapter in the region’s economic history and will create 2,500 new jobs.

VSG develops and manufactures advanced insulation materials that tolerate temperatures up to 1,600°C. The company will establish its first European production base in Békéscsaba.

The EUR 140 million first investment in the city 180 kilometers from the Hungarian capital, Budapest, aims the construction of a facility to produce ceramic fiber textiles.

The second project, worth EUR 110 million, will expand the product portfolio with a new plant manufacturing alumina continuous fibers.

The third and largest investment, worth EUR 450 million, will expand the Békéscsaba production base by a facility for technical textiles used in catalytic converters.

VSG’s products are used in a wide range of industries, including aerospace, automotive, construction, energy and power. The company is building on the industrial traditions and labor potential of Békéscsaba region and plans a close cooperation with local educational and vocational institutions to implement its technology-intensive projects.

Ranked among the most innovative players in its industry, VSG is also open to complement its Hungarian production operations with research and development activities.