Thyssenkrupp has opened a €100m (US$123m) automotive components plant in Hungary, which will be used to produce vehicle chassis and powertrain components. The plant, located in Jászfényszaru, 45 miles (70km) east of Budapest, will produce electric power steering systems and valvetrain systems for German and international OEMs. A further plant for springs and stabilizers is also being built in Hungary, which is scheduled to start production later this year.
“In recent years Hungary has developed into an important player for the European auto industry. Last year alone some 480,000 cars rolled off the country’s production lines. 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,” stated Karsten Kroos, CEO of Thyssenkrupp’s components technology business.