Korean-owned Samyang Biopharm’s new plant built for EUR 26.2 million has been inaugurated in Gödöllő where synthetic suture materials are manufactured. The company plans to ramp up production gradually, and it will create 55 jobs.
South Korean Samyang Group has been present in Hungary since 2010 when Samyang EP Magyarország Kft. started to manufacture plastic components for electronic products, automotive parts and office supplies in Jászberény. This time another member of the Group, Samyang Biopharm celebrated the inauguration of its brand-new plant in Gödöllő where synthetic suture materials are produced for export purposes.
The EUR 26.2 million facility, for which about 15% of the costs were borne by Hungarian taxpayers in the form of state subsidy, is the first European site of the company, which is here to stay, among others by establishing R&D capacities. Production in Gödöllő is currently at 30,000 km/year which is projected to increase to 100,000 km/year.
The investment is set to further electrify the already thriving local medical device segment of which production value was up nearly 20% in Q1 2023 year-on-year. The project also showcases the significance of South Korea’s investment activity: the Asian country is the fourth largest investor in Hungary, and following 2019 and 2021, it accounted for the most investment volume in 2022 as well, the Hungarian Investment Promotion Agency reports.
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