Toyo Ink Hungary Kft.’s new plant has been inaugurated in Újhartyán, Pest County, where CNT dispersion for lithium-ion batteries will be produced. The HUF 7 billion investment creating 45 jobs marks a key milestone in the business strategy of the Japanese-owned company as it is planning to further expand due to rising global demand for EVs. 10% of the investment cost is covered by Hungarian taxpayers through a government decision.
Japan-based Toyo Ink Group is a global leader of producing high-quality organic pigment and dispersion technology. Founded in 1896, the company is ramping up its production capacities to meet rising worldwide demand for lithium-ion batteries. Therefore, its first European plant was set up in Újhartyán, located in Hungary’s Pest County, on top of existing production sites in China, Japan and the U.S.
In the newly inaugurated facility Lioaccum CNT dispersion will be produced that helps cut manufacturing costs, and reduce cell space, of batteries which then allows to insert active materials to boost battery capacity and performance. The Hungarian operation is of strategic importance for the Group which is showcased by its ambitious plans. An equivalent of some HUF 30 billion will be invested up till 2026 around the world, among others in Hungary, to strengthen Toyo Ink’s global CNT dispersions production network and ensure reliable global supply.
Up till the opening in Hungary, Toyo Ink’s key customer, leading battery manufacturer SK On had been supplied from the American subsidiary of the Group located in Georgia. Now the plant in Újhartyán will play a crucial role in taking over supplying SK On’s European plants in line with surging demand for EVs.
As Yoshiharu Ono, managing director of the new plant pointed out, Toyo Ink Group’s activities are consistent with Hungarian policy to accumulate and promote the EV technology in Hungary, and, with their current and future investments, they can contribute to Hungary and the region in this regard, the Hungarian Investment Promotion Agency (HIPA) reports.
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