Thyssenkrupp has opened a further automotive components plant in Hungary. A US$124m investment has enabled the development of a new production site for chassis and powertrain components in Jászfényszaru, Hungary.
The site, which is 70km east of Budapest, will produce electric power-steering systems and valvetrain systems for German and international OEMs. As production is ramped up in the coming months, up to 500 new jobs will be created at the site.
“In recent years Hungary has developed into an important player in the European auto industry. Last year alone some 480,000 cars rolled off the country’s production lines,” said Karsten Kroos, CEO of components technology at Thyssenkrupp. “Our customers are investing in new plants, and we are also looking to continue our profitable growth in Hungary. Our focus is on high-tech products such as electric steering systems and components for highly efficient internal combustion engines and electric motors.”
A further plant for springs and stabilizers is currently scheduled for development, with production expected to start later this year. Thyssenkrupp’s new plant in Jászfényszaru is the company’s first in Europe to combine activities and therefore allow efficiency and cost advantages to be used.