Innovariant Upgrades its Printing Plant with EU Support

Innovariant Ltd. has expanded the capacity of its printing plant in Algyő, SE Hungary, with HUF 448 million, most of which is EU support, the company informed the state news agency MTI.

According to the statement, Innovariant Ltd. was founded in 1996 in nearby Szeged and moved its headquarters to Algyő in 2011. Its main activity is the production of booklets, catalogues, annual reports, brochures, leaflets, posters, folders, food product packaging – labels, boxes –, soft and hardcover books, commercial publications, calendars.

The company decided to invest in technology development and capacity expansion in response to growing demand, with HUF 313.67 million of the investment covered by a conditional non-reimbursable EU grant.

The company has installed a state-of-the-art folding and offset printing machine, a cutting machine and a stitching line. Part of the company's electricity needs will be covered by the newly installed solar panel system.

As a result of the new technology, Innovariant Ltd. will be able to serve its customers better, faster and more efficiently, the statement says.

According to publicly available company data, the family-owned company, which employs 55 people, achieved net sales revenue of HUF 877 million last year, up 14% on 2020. Innovariant's after-tax profit was HUF 23.7 million in 2020 and HUF 34.1 million last year.