Italian-owned Meth Electric Transformers will invest HUF 5 billion into expanding capacity at its base in Nagykanizsa (SW Hungary), creating 140 jobs, MTI reports.
The government supports the investment with a HUF 290 million grant, Minister of Foreign Affairs and Trade Péter Szijjártó said on Tuesday.
Meth will build an 8,000sqm plant, purchase new production equipment and new software and digital solutions, increasing added value. The company exports 97% of its output, to Europe, the United States and the Gulf States, he added.
The minister said the government provided HUF 27 billion in support to 32 investment projects by Italian companies in the past eleven years, which created investments of HUF 128 billion and 1,500 jobs.
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