The value of public procurement contracts in Hungary fell 22% year-on-year to HUF 2,627 billion in the first three quarters of this year, a report published by the Public Procurement Authority on Monday shows. The number of contracts rose 9% to 12,481 during the period. Construction contracts accounted for 27.0% of the value of public […]
Business sentiment edged higher but consumer confidence deteriorated in Hungary in October, a monthly gauge by economic research institute GKI shows. GKI's business confidence index rose to -7.4 points in October from -8.3 in the previous month. Sentiment improved in the industrial and service sectors, but worsened in the construction and commerce sectors. The survey […]
Dunaföldvár Metal Processing (Dufém) Ltd. is building a manufacturing and warehouse facility with an investment of 240 million forints, supported by a 50% grant from the EU’s Economic Development and Innovation Operational Program Plus. The 820-square-meter building will be completed in October 2027, Managing Director István Klopcsik said. Together with the current facility, the plant’s […]
Sales of listed car seller AutoWallis slipped 3.7% year-on-year to 37,963 in Q1-Q3, falling on the performance of the wholesale division, a preliminary report released on Wednesday shows. Turnover of the wholesale division dropped 6.8% to 26,029. CEO Gábor Ormosy said an expected recovery of the segment in the third quarter had failed to materialize, […]
Hungarian oil and gas company MOL inaugurated a HUF 2.7 billion biomethane unit at its biogas plant in Szarvas (SE Hungary) on Wednesday. The biomethane unit will have annual capacity of 7 million cubic meters, enough to cover the annual gas needs of 8,500 households. The biogas produced at the plant, in operation since 2011, […]
Businesses are taking a wait-and-see approach because they want a clear picture of the new economic policy direction and the expected changes to the subsidy system, Ákos Kozák, co-chair of the National Association of Entrepreneurs and Employers (VOSZ) and co-founder and director of Balance Economic Research and Consulting, which helps prepare the index, said at […]
Hungarian pharmaceutical company Egis, owned by France's Servier, inaugurated a central distribution warehouse in Fót, on the outskirts of the capital, on Monday. The warehouse, with capacity for 30,000 palettes of product, was inaugurated in the HelloParks industrial park. CEO Csaba Poroszlai noted that Egis is market leader in Hungary in terms of number of […]
Wing Group increased its revenue by 41% to HUF 130.26 billion in the first half of the year, primarily due to a higher volume of residential real estate project completions, the real estate development company has announced. EBITDA (earnings before interest, taxes, depreciation, and amortization) rose by 23% to HUF 19.5 billion. Losses from investments […]
Belden, an American cable manufacturer, is relocating its manufacturing operations from the Netherlands to Hungary and has therefore signed a lease agreement for the entire area of the HelloParks Páty PT5 warehouse. The 42,000-square-meter facility will be the company’s largest cable factory in Europe, with production expected to begin in early 2028, innovative industrial real […]
Hungary's largest lender OTP Bank is weighing a potential withdrawal from the market in Russia, the bank confirmed on Monday. "Given its strategic interest in the Baltics and the limited progress in upstreaming additional dividends from Russia over the past year, OTP has begun reviewing its Russia-related strategy, including a potential full exit from Russia," […]
The world’s largest food producer company, Nestlé inaugurated an expansion at its Purina pet food plant in Bük (W Hungary) on Friday. Speaking at the event, Economy and Energy Minister István Kapitány said Hungary's government aimed to establish ties with investors based on "stability, predictability and partnership," instead of "the award of large-scale grants." "The […]
K+H Bank, the Hungarian unit of Belgian's KBC, delivered a strong performance in the first half of the year, however, government measures like the windfall tax and the bank levy reduced its results by HUF 78bn, CEO Peter Roebben said at a press conference on Wednesday. He emphasized that the bank’s operating revenue rose by […]
South Korean tire maker Hankook has completed a EUR 540 million expansion at its plant in Rácalmás (C Hungary) where production of truck and bus tires will begin in October. The newly built plant has an annual production capacity of more than 800,000 units. The South Korean conglomerate announced on Tuesday that the fourth phase […]
Kaboom Technologies, headquartered in Budapest, has begun operations and will bring together the solutions of more than 30 international defense technology companies, the company announced. According to their plans, they will combine American, European, and Israeli technological expertise with Hungarian engineering, manufacturing, and business capabilities, and will enter the Hungarian and European markets through joint […]
Nestlé Hungária announced on Friday that it has reached an agreement with Vimpex Group which will take over Nestlé’s factory in Diósgyőr, a part of the city of Miskolc (NE Hungary). The Swiss-based multinational announced this summer that it would close its Miskolc facility at the end of the year. In a statement, Nestlé informed […]
