The Electrical Insulation and Plastic Factory (VSZM) Ltd., a company specializing in the supply of plastic parts for the mechanical, electrical, construction and automotive industries, has upgraded its production capacity and image, the HUF 695 million investment was recently completed, the Siófok-based company informed the state news agency MTI in a statement.
It said that as part of the project, which received around HUF 328 million in EU funding, a cable product production line and a spiral tube production line for conducting electrical cables were purchased, and an electrical distribution cabinet was built for the increased power supply.
To service the new production lines, compressed air is supplied by a newly installed compressor and water treatment equipment is used to provide water of the right quality, they said.
They added that the investment also included the renewal of the company's marketing materials and website.
The main activity of VSZM Ltd. is the production of plastic extruded products, pipes and profiles for the electrical, construction and telecommunications industries, as well as resin-based insulating castings, support and transmission insulators, which are increasingly used instead of porcelain and glass insulators.
The company, which employs 70 people, generates 53% of its revenue from exports, and its largest foreign customer last year was Schneider of the UK.
According to publicly available company data, VSZM Ltd. had a turnover of HUF 1.145 billion and a profit of HUF 75 million in 2020, compared with a turnover of HUF 1.465 billion and a loss of HUF 170 million last year.
The biggest challenge for VSZM Ltd this year is to get their products back into the UK market. They noted that the results of the negotiations are encouraging with the prospect of a resumption of deliveries in the last quarter of the year.
A further plan for the company is to gain a larger share of the domestic market with its new spiral pipe production line, they added. They stressed that if this happens, it will be necessary to increase the workforce.
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