HUF 800 Mn Development at Caadex Ltd. with EU Funding

The Hungarian family-owned Caadex Ltd. in Mindszentgodisa, NE of Pécs in southern Hungary, has implemented a development worth almost HUF 800 million with the support of the European Union, the company has informed MTI.

The company, which manufactures – and trades in – tin and steel products, has production halls in Mindszentgodisa and nearby Komló. In recent years, the company has focused its development strategy on automation and robotization. Among other things, the company has acquired machines and tools for the production of construction scaffolding developed in-house, as well as hardware tools for the application of Industry 4.0 solutions, the company said in a statement.

As a result of the development, which included business development consultancy and was implemented with the non-refundable support of the Economic Development and Innovation Operational Program (Ginop), the company's equipment supply, productivity and export capacity have improved and its development has been secured, the communiqué said.

Gábor Szanyi, managing director of Caadex Ltd., said that although the number of their customers is currently below expectations, they see a chance to make up for the shortfall by serving new partners. Their main goals for the period ahead are to reduce the company's use of energy from non-renewable sources and increase the level of automation.

He added that Caadex sells half of its products abroad. In 2022, the company achieved net sales of HUF 4.966 billion and a profit after tax of HUF 562 million, while in 2021, it had revenues of HUF 4.281 billion and a profit of HUF 490 million. The company currently employs 77 people.