Nograd, Hungary — German-owned manufacturer Parat Ungarn opened a new production hall at its plant in Nograd, north Hungary in early June. The plant will make polyurethane automotive parts.
The latest investment is worth Forint1.6bn (EUR5.1m), local news agency MTI reports. The project was funded by the European Union. The company’s new production hall was launched in early June.
Parat Ungarn’s product portfolio includes PU acoustic foam and PU insulation, according to data released by the firm.
Mihaly Varga, Hungary’s minister of national economy, took part in the official opening ceremony at the expanded production facility. Frank Peters, the chief executive of the German group, was also present at the event, and said that his company has production facilities in Germany, Austria, Romania and Hungary which are operated by a total workforce of 646, and that further employees are to be hired at the factories.
Parat Ungarn is a local offshoot of the Schachtlau-based Parat.
The company supplies its output to some of the major global car makers. These include various models by BMW, Volkswagen Grup, and Volvo, among others, according to data released by the producer.