Fragflav Kft, fully owned by Swiss fragrances and flavouring producer Givaudan, will build a HUF 37bn (EUR 135.5mn) factory in Mako, southeastern Hungary, Budapest Business Journal reported. A total of HUF 1.2bn of the financing will come as grants from the Hungarian government. According to Givaudan CEO ,Gilles Andrier, the company will start to relocate production from its bases in Bromborough, England, and Kemptthal, Switzerland, to Hungary in early 2012 and the plant in Mako will reach full capacity in 2013. As many as 300 workers will be occupied in the plant and about 1,200 people from the region will be indirectly employed. Givaudan plans to boost the share of revenues from emerging markets from the current 41% to 50% in the next five years. |
Hungary's investment funds had aggregate assets of HUF 3.657tn (EUR 11.98bn) as of end-February 2013, up by 3.2% m/m, MTI news agency reported citing data from the association of investment funds ... more
The number of employees in Hungary's public and private sectors fell for the tenth straight month in January 2013 declining by 0.6% y/y to 2.574mn, the statistics office informed. The decline ... more
The assembly of state-owned Hungarian Electricity Works (MVM) has approved the purchase of the local gas business of German power utility E.ON, Hungary AM reported, citing local daily Magyar ... more